Economics
Saudi Oil Stockpiles Hit 18-Month Low in March as Output Capped
- Stockpiles dropped to 296.7 million barrels in March
- Saudi daily crude oil production was flat in first quarter
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Saudi Arabia’s crude oil stockpiles fell in March for the fifth month in a row reaching the lowest level in 18 months as the kingdom kept shipping crude to meet customer demand while keeping a lid on production.
Stockpiles dropped to 296.7 million barrels in March from 305.6 million barrels in February, according to data published on the website of the Riyadh-based Joint Organisations Data Initiative. Stockpiles peaked at 329.4 million barrels in October and have been in decline since then, the data showed.