Saudi Gazette report

RIYADH — Saudi Arabia's crude oil exports witnessed a significant increase in December, reaching about 6.33 million barrels per day (bpd), recording their highest level in nine months, Bloomberg reported.

The rise came after the OPEC+ alliance agreed to postpone the start of easing planned production cuts until April, and slow the addition of supplies to the market.

According to tanker-tracking data compiled by Bloomberg, November export estimates were revised to 6.16 million bpd, compared with an initial estimate of 6.17 million bpd. On the other hand, preliminary data from Kepler showed that Saudi oil exports in November were 6.06 million bpd, while Vortexa estimated flows at about 6.05 million bpd.

As per the agreement reached by energy ministers of OPEC+, current production targets have been extended until the end of 2026, with a slight increase gradually implemented starting in April for the UAE.

The first round of additional voluntary cuts has also been extended until the end of 2026. A plan to phase out a second set of voluntary cuts of about 2.2 million bpd has also been delayed three times so far, and is now set to start in April at a slower pace than previously agreed, with production restored over 18 months instead of the 12 months previously planned