Saudi oil production to decline in next few months: Jadwa

Saudi Arabia’s oil production and exports are expected to trend further downwards in the next couple of months, Jadwa Investment noted in its latest monthly report.

Saudi crude oil production continued to decline month-on-month in February, down 1 percent to 10.13 million barrels per day (mbd), the report said, adding that latest available data for January showed oil exports were also down a sizable 6 percent month-on-month (MoM), to 7.2 mbd.

Jadwa said Brent crude oil prices were up 3 percent MoM in March as latest data from OPEC showed continued compliance to agreed output levels.

“That said, concerns over global economic growth have put the spotlight back on global oil demand, with downward revisions in oil demand growth recently,” it added.