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Business

Saudi Exports to U.S. to Fall by 300,000 Bpd in March

Saudi Arabia has made the largest cut in production after the agreement reached last year by both the OPEC and non-OPEC countries

Shaybah oilfield complex is seen at night in the Rub' al-Khali desert, Saudi Arabia
By Reuters Whatsapp Twitter Facebook Share
2 months ago

DUBAI – Saudi Arabia’s crude exports to the United States in March will fall by around 300,000 barrels per day from February, in line with OPEC’s agreement to reduce supply, a Saudi energy ministry official said on Thursday.

The United States imported about 1.3 million bpd from OPEC’s top exporter in February, according to U.S. Energy Information Administration data.

“Exports may fluctuate week on week, but on average in March exports will be down,” the official said, responding to a reporters’ request to comment on the EIA data. Saudi exports are then expected to remain around March’s level for the next few months, the official said.

The official noted that export data showed higher Saudi oil exports in January and February but these shipments were the result of cargo loaded in November and December.

Saudi Arabia has made the largest cut in production after the agreement reached last year by both the Organization of the Petroleum Exporting Countries and non-OPEC producers to reduce output by 1.8 million bpd. Oil prices fell this week on concerns that OPEC cuts so far have not dented record U.S. crude inventories.

In this file photo, an oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. Photo: Reuters/Ali Jarekji

Crude stocks in the United States, the world’s largest oil consumer, were a record 533 million barrels last week, the EIA said. In the week ended March 17, U.S. imports from Saudi Arabia unexpectedly rose by more than 200,000 bpd to 1.28 million bpd, after a sharp decline the prior week.

The official said lower Saudi exports to the U.S. is likely to affect stockpiling in the U.S.

“This is mainly because there is a refinery maintenance in the U.S. The cuts in exports will help the crude stockpiling in the U.S. to go down,” the official said.

Gasoline stocks are falling, but remain seasonally high.

The official also said he believed other Gulf oil exporters will follow suit and their crude exports will be lower in March and will continue to decline.

RANIA EL GAMAL

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