Saudi Arabia Ramped Up Oil Output Before War, OPEC Data Show
TL;DR
Saudi Arabia increased crude oil production by about 8% in February before the Middle East conflict, according to OPEC data. This follows a pattern of ramping up exports ahead of regional tensions.
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Saudi Arabia told OPEC it ramped up crude production last month by roughly 8% ahead of the conflict in the Middle East, data from the group showed.
The kingdom notified OPEC it pumped 10.882 million barrels a day in February, up from 10.1 million a day in January, according to a monthly report published by OPEC’s secretariat in Vienna.
Tanker-tracking data compiled by Bloomberg indicated that both the Saudis and Iran accelerated exports before the war, which began with a joint US-Israeli strike on Iran on Feb. 28. Last year, the Saudis and other Persian Gulf producers ramped up exports ahead of the US attack on Iran’s nuclear facilities, in an attempt to position some supplies away from the conflict.
The report from the Organization of the Petroleum Exporting Countries also included other output metrics.
It showed the Saudis communicated a lesser-used measure to the secretariat called supply-to-market, which was at 10.111 million barrels a day in February, but didn’t include a comparison with January.
In addition, data compiled from seven external companies — known as secondary sources — showed Saudi production roughly steady in February, at 10.11 million barrels a day.