Saudi Oil Exports Reach Highest Level in Nine Months

Saudi Arabia's crude oil exports have surged to their highest level in nine months, hitting 6.33 million barrels per day (bpd) in December, according to a report by Bloomberg. This significant rise in exports follows the OPEC+ alliance's decision to delay the easing of production cuts, which will now take effect in April, as well as a slower addition of supplies to the global market.

Bloomberg’s tanker-tracking data indicates that Saudi exports in November were slightly adjusted to 6.16 million bpd, down from an earlier estimate of 6.17 million bpd. Estimates from other sources suggested figures of 6.06 million bpd and 6.05 million bpd. Despite slight variations in the numbers, the overall trend points to a recovery in Saudi oil exports as global supply adjustments continue to unfold.

The OPEC+ alliance has agreed to extend the current production targets until the end of 2026. The group will also implement a gradual increase in production starting in April, primarily affecting the UAE. Additionally, the voluntary cuts that had been planned to phase out have now been delayed multiple times, with the final phase-out scheduled to begin in April, progressing at a slower pace over 18 months rather than the initially planned 12 months.