Saudi Crude Exports Rise, Output Hits High Since April 2023 Amid Gulf Disruptions

Saudi Arabia's crude oil exports rose in January to 6.993 million barrels per day, up from 6.988 million bpd in December, according to data from the Joint Organizations Data Initiative (JODI).

The world's largest oil exporter also saw its crude output hit a high since April 2023, reaching approximately 10.100 million bpd in January.

With OPEC+ keeping their production quota unchanged in January, Saudi Arabia's numbers remained close to December levels. However, UBS analyst Giovanni Staunovo warns that March data will likely be lower due to disruptions caused by the war in Iran and reduced tanker traffic out of the Gulf.