Saudi Arabia’s crude oil exports dropped sharply in May as the kingdom implemented its 500,000 b/d voluntary Opec+ production cut. Saudi Arabia has committed to producing just 9.978mn b/d for the remainder of the year, which would be its lowest monthly production figure since November 2021 and a full 1.06mn b/d below September 2022’s post-Covid high of 11.04mn b/d.
Initial indications are that Saudi Arabia has acted swiftly to implement the cuts, with data intelligence firm Kpler showing that exports fell by a massive 1mn b/d in May to just 6.5mn b/d– the lowest figure since June 2022. (CONTINUED - 223 WORDS)
