ALBAWABA - Saudi Arabia's crude exports rose by 157,000 barrels to 7.44 million barrels per day in December, compared with 7.280 million barrels recorded a month earlier, according to official data.
But crude production in the kingdom declined by a slight 33,000 to 10.44 million barrels per day in December, according to the data.
Inventories of crude oil decreased by 3.05 million barrels in December, while inventories of petroleum products increased by 2.66 million barrels.
The figures also showed that there was a rise in the global demand for oil by 1.3 million barrels per day in December, reaching a new record level.
According to current estimates, Saudi Arabia's crude oil production in 2023 is expected to be around 10.5 million barrels per day, a slight decrease from the 10.6 mb/d that was seen in 2020. This is due to the OPEC+ agreement to cut oil production in order to stabilize the market pic.twitter.com/ciVU71VkFW— MediscaGlobalTrade (@MediscaGlobal) February 17, 2023