Saudi oil exports mark second highest ever jump in February, reaching 9 million bpd

Saudi Arabia to increase Oil Output Above 10 Million bpd
Saudi Arabia to increase Oil Output Above 10 Million bpd

Saudi Arabia’s oil exports jumped to the level of nine million barrels per day during the month of February 2022, and this figure marked the highest level in 22 months, and the second highest level ever.

The Kingdom’s oil exports reached 9.002 million barrels in February, and this showed an increase of 31.3 percent, equivalent to 2.147 million barrels per day, compared to the same month last year.

According to the newly released data of the Joint Oil Data Initiative (JODI) for the oil producing countries, exports of Saudi oil, including crude and petroleum products, jumped during the month of February by 590,000 barrels per day while compared to the previous month.

Saudi Arabia’s oil exports in February 2022 marked the highest level over the last 22 months. The February exports also marked the second highest level ever, since the exports recorded the higher in April 2020 when it reached 11.335 million barrels per day.

The oil exports increased during the month of February compared to their level in January, which amounted to 8.412 million barrels per day, compared to 8.607 million barrels per day in December 2021.

On an annual basis, the oil exports increased during February 2022 by 31.3 percent, equivalent to 2.147 million barrels per day, compared to the same month last year, during which exports amounted to 6.855 million barrels per day.

The Kingdom’s exports of crude oil and petroleum products reached record levels during the month of February 2022.

The exports of crude oil witnessed a sharp rise during the month by reaching 311,000 barrels on a monthly basis, to its highest level in nearly two years. Crude oil exports amounted to 7.307 million barrels per day in February.

Crude exports increased compared to January 2022 exports, during which the exports amounted to 6.996 million barrels per day. The Kingdom’s exports of oil products jumped by 279,000 barrels per day during February 2022, compared to the previous month, reaching their highest levels in more than three years.

Exports of petroleum products reached 1.695 million barrels per day, which is the highest level in 38 months since it reached 2.113 million barrels per day in December 2018. Oil product exports were 1.416 million barrels per day in January 2022 compared to 1.670 million barrels per day in December 2021.

Saudi oil stocks, including crude and petroleum products, increased significantly during February by 316,000 barrels from the previous month, reaching 235.8 million barrels.

Crude oil stocks reached 137.149 million barrels at the end of February, compared to 98.609 million barrels as stocks of petroleum products. Petroleum products accounted for 42 percent of the total stocks at the end of February 2022, up from 21 percent in 2015, the report pointed out.

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