Saudi February crude oil output fell to 10.136m bpd
March oil production is likely to fall below 10 million bpd
DUBAI
Saudi Arabia’s crude oil production in February fell to 10.136 million barrels per day (bpd), a Saudi industry source told Reuters on Friday, down from 10.24 million bpd in January.
The kingdom’s oil supply was at 10.014 million bpd in February, the source said, adding that March oil production will be lower than the previous month and is likely to fall below 10 million bpd.
Supply to the market — domestically and for export — can differ from production depending on the movement of barrels in and out of storage.
“This reflects the strong commitment by Saudi Arabia to the Opec+ agreement and to bring oil inventories down,” the source said.
The Organization of the Petroleum Exporting Countries, Russia and other non-Opec producers — an alliance known as Opec+ — agreed in December to reduce supply by 1.2 million bpd from January 1 for six months.
Under the pact, Saudi Arabia should cut output to 10.311 million bpd, but energy minister Khalid Al Falih has said it will exceed the required reductions to demonstrate its commitment.