Crude oil exports from Saudi Arabia fell for a second straight month in April to a record low, according to Joint Organizations Data Initiative (JODI) data released on Monday, as the Iran
Crude oil exports from Saudi Arabia fell for a second straight month in April to a record low, according to Joint Organizations Data Initiative (JODI) data released on Monday, as the Iran war disrupted shipments from the Gulf region.
Exports fell to about 3.990 million barrels per day in April from 4.974 million bpd in March. The JODI data for Saudi Arabia's crude oil exports and output extends back to 2002, the earliest period for which data is available.
The country's crude oil production stood at 6.316 million bpd in April, the lowest level on record, compared with 6.967 million bpd in March.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the JODI, which publishes them on its website.
"The conflict in the Middle East and restricted flows via the Strait of Hormuz kept weighing on production and exports," said UBS analyst Giovanni Staunovo.
"Additionally, the strike on the pumping station of (Saudi Arabia's) East-West pipeline temporarily disrupted flows via the pipeline bypassing the Strait, and is likely the reason for lower exports in April versus March," he added.
'ENCOURAGING PROGRESS' AT PEACE TALKS
In the
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