Saudi Oil Exports Drop to 2015 Low as Kingdom Sticks to Cuts
- Exports slid to 6.95 million barrels a day in February: JODI
- Saudi Arabia pumping below ceiling set under OPEC cuts deal
Oil Markets Caught Between U.S. Production, OPEC Cuts
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Saudi Arabia, the world’s largest crude shipper, trimmed exports to a 21-month low in February as local refineries took advantage of more abundant supplies and processed a record amount of crude.
Oil exports fell to 6.95 million barrels a day, the lowest since May 2015, from 7.7 million a day in January, according to data published Tuesday on the Riyadh-based Joint Organisations Data Initiative website. The kingdom boosted production to 10 million barrels a day from 9.7 million a day, the data show.