Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.
Exports climbed to 7.65mn bpd on average last year, from 7.39mn bpd a year earlier, according to Joint Organisations Data Initiative monthly data compiled by Bloomberg. Production rose to 10.46mn bpd from 10.19mn, on average, over the same period.
Saudi Arabia led the push by global producers to end a crude glut by cutting output as of January 1. JODI data indicate that the kingdom’s exports surged to more than 8mn bpd in November and December right before the cuts were due to start. Shipments in November were the highest since May 2003, JODI data show.
“Whenever there was no agreement with others, Saudi Arabia was running after expanding its market share,” said Mohamed Ramady, an independent analyst in London.
Saudi Arabia pumped 10.2mn barrels to 10.67mn bpd in the first 10 months as producers discussed output cuts without making an agreement. It reined in production in January following the deal between the Organization of Petroleum Exporting Countries and non-Opec nations to reduce output by 1.8mn bpd, according to data compiled by Bloomberg.
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