Saudi Arabia’s crude oil exports declined to 7.71 million barrels per day (mbd) in January 2017 from 8.01 mbd the previous month, according to latest figures from the Joint Organizations Data Initiative (JODI).
The kingdom’s crude production also fell to 9.75 mbd in January, from 10.47 mbd in December.
Crude local consumption fell to 2.04 mbd, from 2.45 mbd in the previous month.
The kingdom’s output continued to decline after it agreed with fellow OPEC producers on Nov. 30 to cut crude production by a combined 1.2 mbd, in order to tackle the global supply glut and prop up prices.
Monthly export figures are provided by Saudi Arabia and other OPEC members to JODI.