Saudi oil production drops 7% M-o-M, 5% Y-o-Y in January
Saudi Arabia’s crude oil production dropped 6.9% M-o-M (the sharpest since June 2003) to 9.75mbd in January compared to a drop of 2.4% M-o-M in December. Production also declined annually (4.7% Y-o-Y) -- the first drop in six months and the largest in magnitude since April 2004. The Kingdom exported 301,000 bpd less crude oil to 7.71 mbpd in January – down 3.8% M-o-M, following 3.0% M-o-M drop in December. Crude oil exports also declined 1.6% compared to January 2016 -- the first drop in eight months, following growth of 7.1% Y-o-Y in December. Crude oil stocks depletion accelerated sharply in January (by 3.9% M-o-M vs. 0.6% M-o-M in December), but remained relatively steady on an annual basis (16.6% Y-o-Y vs. 16.2%). Other data show industrial oil (crude and fuel) burn sharply falling 26.7% M-o-M to 630,000 bpd, following growth of 7.5% M-o-M in December. Consumable oil burn declined 3.2% M-o-M to 1.3 mbpd, following an increase of 0.9% M-o-M in December.
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