Middle East Tensions Drive Saudi Arabia's March Crude Exports to Record Low

Deep News05-20 20:40

Data released on the 20th by the Joint Organizations Data Initiative shows that Saudi Arabia's crude oil exports plummeted to 4.974 million barrels per day in March, marking the lowest level since records began in January 2002, due to escalating conflicts in the Middle East. Concurrently, the country's crude oil production in March also fell to a historic low. It is reported that the relevant monthly foreign trade data is compiled and provided by Saudi Arabia and other member states of the Organization of the Petroleum Exporting Countries.

Regarding production and domestic demand data, Saudi Arabia's daily crude oil production in March sharply decreased to 6.967 million barrels from 10.882 million barrels in February. The domestic refining chain also contracted simultaneously, with crude oil processed by Saudi refineries in that month decreasing by 746,000 barrels month-on-month to 2.266 million barrels per day. In contrast, the volume of crude oil directly burned for power generation increased against the trend by 82,000 barrels, reaching 330,000 barrels per day.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment