According to new intel in a monthly Joint Organizations Data Initiative report, Saudi Arabia strengthened oil exports and production last year to new levels by achieving the highest monthly averages on record.
In fact, the boosts were so substantial that the global crude market reached an abundance of oversupply. In 2016, 7.65 million barrels were exported a day on average, while only 7.39 million barrels were exported a day in 2015.
Oil production itself rose to 10.46 million barrels a day in 2016 compared to the 10.19 million average in 2015. Bloomberg reports a surge was seen in the months of November and December due to impending cuts in the Arab kingdom. This past November was the highest shipment and production rated month since May 2003.
“Whenever there was no agreement with others, Saudi Arabia was running after expanding its market share,” said Mohamed Ramady, a London-based independent analyst and expert on oil exports.
In January of 2017, the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations cut a deal to minimize crude oil output by 1.8 million barrels a day.
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