Dubai Saudi Arabia drew again on its crude stockpiles in February, while exports fell, reflecting the impact of its voluntary 1 million b/d production cut in addition to its OPEC+ production quota, figures from the Joint Organizations Data Initiative showed.
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The kingdom exported 5.63 million b/d in February, according to JODI data released April 19, down 957,000 b/d from January.
February saw the breaking of a seven-month run of increase that shipments since a long-term low of 4.98 million b/d in June when stringent OPEC+ production caps were in effect. It was the highest since April 2020.
Oil climbs as dollar slumps; gains capped by pandemic surge
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Saudi crude exports drop to eight-month low in February
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BUSINESS IEF sees 5.2 mb/d global oil demand shortfall in March and ‘stagnant last mile recovery’ in 2021 April 19, 2021
Joseph McMonigle, secretary general of the IEF, during a webinar to present the findings.
RIYADH The International Energy Forum (IEF) on Monday issued a report indicating that global oil consumption from transportation fuels in March was still 5.2 million barrels per day (mb/d) below where it was before the COVID-19 pandemic.
The report entitled Alternative Metrics for Real-Time Assessment of Energy Demand analyzed data from the Joint Organizations Data Initiative (JODI), Google s Community Mobility Tracker and Oxford s COVID-19 Government Response Tracker to estimate the recovery of demand after the 25 percent drop in oil demand caused by the pandemic in April last year.
Oil steadies as dollar slumps but pandemic surge weighs
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