The last quarter has re-set the record books for most of Saudi Arabia’s oil sector, with Q1 production and crude exports falling to their lowest levels in more than a decade. The kingdom’s 1mn b/d voluntary production cuts implemented since February amplified the impact of the broader Opec+ cuts on production (MEES, 9 April) and this caused ripples to spread throughout Saudi Arabia’s oil sector.
Crude exports for Q1 plunged to just 5.88mn b/d, down 1.4mn b/d year-on-year and the lowest quarterly figure since 3Q 2010, more than a decade earlier according to the latest Jodi stats (see chart 1 and table below for full data). (CONTINUED - 819 WORDS)
