Saudi Arabia cut its crude exports in February from an 11-month high in January. The world’s biggest oil shipper took steps to boost demand and defend its market share.
According to the Joint Organizations Data Initiative (JODI), in February Saudi Arabia supplied 7.35 million barrels to the export oil market compared to 7.47 million barrels a month earlier. Shipments were down from 7.76 million barrels a day in February last year.
Crude shipments in the first two months of 2015 averaged 7.4 million barrels a day, up from 7.1 million barrels a day in the last two months of 2014 and lower than the 7.63 million barrels a day average in the first two months of 2014, JODI data show.
The kingdom produced 10.3 million barrels a day in February and will keep on pumping around 10 million, Saudi oil minister al-Naimi stated.
