Saudi Arabia's oil exports have fallen to a record low — Reuters
In March, the Kingdom of Saudi Arabia recorded a sharp drop in crude oil exports to 4.974 million barrels per day, the lowest level since January 2002.
This was reported by Reuters.
The main reason for such a massive reduction in supplies was the active phase of the war in the Middle East, which effectively blocked shipping and paralyzed the access of oil tankers to global markets.
Currently, the world’s largest fuel supplier is forced to limit production due to the inability to safely transport energy resources.
According to official data from the Joint Oil and Gas Data Initiative (JODI), average daily oil production in Saudi Arabia fell to a record low of 6.967 million barrels in March.
This drop is unprecedented for the country, as in February the figure stood at 10.882 million barrels per day.
The reports released by Riyadh and other member states of the Organization of the Petroleum Exporting Countries (OPEC) are regularly provided to ensure market transparency, which is jointly coordinated by OPEC and the International Energy Agency (IEA).
The current geopolitical crisis has dealt a significant blow to the entire global energy distribution system.
“The war has effectively closed the Strait of Hormuz, a key global oil route, limiting millions of barrels of production in the Middle East and sharply driving up fuel prices,” note experts from the leading news agency Reuters.
Such a sharp spike in raw material costs significantly impacts the financial situation of end consumers and large businesses, forcing world governments to urgently take tough measures to preserve their own strategic reserves.
The situation for the Arab monarchy continues to worsen by the day due to the geographical realities of the conflict.
Oil prices are rising amid declining U.S. reserves — Reuters
Russian oil is on the rise again, shifting the balance of the Russian Federation’s revenues
Oil prices have risen amid expectations of a meeting between Donald Trump and Xi Jinping. Traders are focusing on possible signals regarding a resolution to the conflict with Iran, which has affected global oil supplies.
