The latest data published by the Joint Organizations Data Initiative (JODI) showed on Wednesday, Saudi Arabia, the Organization of Petroleum Exporting Countries’ (OPEC) No.1 oil producer, reported a 10.75% drop in its exports YoY in 2019, as cited by Kingdom’s news outlet Mubasher.
Key details (via oilprice.com)
“The total Saudi oil exports, including crude oil and petroleum products, averaged 8.339 million barrels per day (bpd) in 2019, down from an average 9.344 million bpd in total oil exports in 2018.
Saudi Arabia’s crude oil exports in December remained unchanged month on month at 7.37 million bpd.
Throughout 2019, Saudi crude oil exports did not exceed 7.4 million bpd in any month.”
Oil prices trade firmer
Ahead of the European open, both crude benchmarks are seen paring their earlier gains, as China’s coronavirus induced uncertainty in the market continues to weigh on investors’ mind.
WTI, still, holds above $52.50 while Brent manages to sustain above $58 mark.