Saudi news

Saudi Arabia maintains its oil exports at 7.21 million barrels per day in December

Bloomberg Agency quoted a Saudi official as saying that the Kingdom maintained its oil exports at 7.21 million barrels per day last December.

The official added that the kingdom produced just below its OPEC+ target of 10.48 million barrels per day.

It is noteworthy that the production of OPEC rose last month as a result of the success of Nigeria’s efforts to address the theft of oil from pipelines.

Production rose by 150 thousand barrels per day, to 29.1 million barrels per day.

Previous data from the Joint Data Initiative (JODI) showed that Saudi Arabia’s crude oil exports increased by 52,000 barrels per day to 7.77 million barrels per day in October, from 7.72 million barrels per day in September.

The data indicated that Saudi Arabia’s production of crude oil decreased by about 0.084 million b/d to 10.957 million b/d in October, on a monthly basis.

Saudi Arabia was the world’s largest crude exporter, achieving oil revenues of 434.1 billion riyals ($115.5 billion) in the first half of 2022, an increase of 74.5% over the same period last year.

The kingdom expects to record its first fiscal surplus in nearly a decade in 2022.

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