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Saudi Arabia s March crude exports fall to 9-month low | Hellenic Shipping News Worldwide

Saudi Arabia’s March crude exports fall to 9-month low Saudi Arabia’s March crude oil exports fell to the lowest level since June 2020, while output dipped, official data showed. Total crude exports fell to 5.427 million barrels per day from 5.625 million bpd in February, while crude output was at 8.138 million bpd in March versus 8.147 million bpd the previous month, data showed. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website. The world’s top crude oil exporter started easing supply cuts to buyers in May as OPEC+ stuck to plans for a phased roll-back of oil production restrictions from May to July.

Oil hits two-month high as Europe and U S reopen economies

Oil hits two-month high as Europe and U.S. reopen economies Source: CNBC The British economy reopened on Monday, and Europe is starting to reopen cities and beaches. New cases in the United States continued to fall and New York lifted the mask requirement for vaccinated people. Brent crude was up 24 cents, or 0.4%, at $69.70, and earlier topped $70 for the first time since March 15. U.S. West Texas Intermediate (WTI) crude was up 32 cents, or 0.5%, at $66.59. “Economies are again switching a gear higher,” said Tamas Varga of broker PVM. “The euphoria is reflected in the general belief that the economic revival will be soon coupled with oil demand recovery.”

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