Saudi Arabia Keeps Oil Production Steady in February

Saudi Arabia kept its crude oil production steady in February, pumping 10.22 million barrels per day (bpd), an industry source told Reuters on Monday, after the top oil exporter struck a preliminary deal with other producers to freeze output.

OPEC leader Saudi Arabia and non-OPEC member Russia, the world’s two largest oil exporters, along with Qatar and Venezuela said last month they would freeze output at January levels to prop up prices if other oil-producing nations agreed to join the first global oil pact in 15 years.

Saudi Arabia produced 10.23 million bpd of crude in January, close to a record high. Crude supplied to the market in February was around 10.4 million bpd, the source said.

“It is an indication that demand is still growing strongly. There is no sign of weakening demand growth,” the source said.

Supply to the market, domestically and for export, may differ from production depending on the movement of oil in and out of storage.

Kuwait produced 3 million bpd of oil in February, unchanged from January, while the United Arab Emirates pumped 2.78 million bpd, separate industry sources said.

In January, the UAE’s output was 3.13 million bpd, according to data from the Organization of the Petroleum Exporting Countries.

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza