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Saudi Arabia’s crude oil stockpile hits 18 month low in March

by ChemOrbis Editorial Team -
  • 18/05/2016 (17:33)
According to media reports, data published on the website of the Riyadh-based Joint Organisations Data Initiative revealed that Saudi Arabia’s crude oil stockpiles fell to 296.7 million barrels in March from 305.6 million barrels in February, posting a fifth consecutive monthly drop and the lowest level in 18 months.

On February 16, Saudi Arabia, Venezuela, Qatar and Russia had agreed to freeze oil production at January levels to stabilize the oil market. However, negotiations between OPEC members and other producers on April 17 in Doha ended without a consensus after Saudi Arabia and allies in the Gulf Arab region wouldn’t agree to any deal without participation of all members of the Organization of Petroleum Exporting Countries, including Iran.

Data showed that Saudi Arabia has kept its output stable since January at around 10.2 million barrels per day (bpd). Daily crude exports stood at 7.54 million barrels in March, around the same levels as in February. In January, crude exports were at 7.84 million bpd, the highest level since March 2015.
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