Saudi Oil Exports In February Jump To 7.45m bpd

Saudi crude exports rose to over 7.45 million barrels per day (bpd) in February, a rise of 363,000 from January, official figures from the Joint Oil Data Initiative (JODI) showed.

The world’s largest oil exporter shipped around 7.09 million bpd in January, after slashing exports by around 780,000 bpd from June to December 2012 as demand for crude abroad weakened.

A 557,000 bpd cut in Saudi exports from June to July last year helped reverse a slide in benchmark Brent crude prices seen from March to mid June, with prices surging by about $28 from June 22 to Aug. 16.

Oil prices rose from December to mid February but have fallen sharply since, as more Saudi barrels have hit the market at a time of weakening economic growth.

Oil markets closely monitor changes in Saudi production because it is the only country with enough spare capacity to significantly alter its output according to demand.