Saudi Arabia’s crude oil production rose to 8 million and 956 thousand barrels per day (Reuters)

Figures from the Joint Organizations Data Initiative (JODI) showed today, Monday, that Saudi Arabia’s crude oil exports decreased last January for the second month in a row, and Iraq, for its part, announced a reduction in its crude oil exports in the coming months.

Riyadh's crude oil exports decreased by 0.2% to 6 million and 297 thousand barrels per day last January, compared to 6 million and 308 thousand in December 2024.

On the other hand, the country's production of crude oil rose to 8 million 956 thousand barrels per day, compared to 8 million 944 thousand during the same period.

Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) provide monthly export data to the Joint Organizations Data Initiative (JODI), which in turn publishes it on its website.

The data also showed that Saudi refineries' consumption of crude oil rose to two million and 425 thousand barrels per day, and direct crude burning increased by 5 thousand barrels per day to 308 thousand barrels per day in January.

The OPEC Plus alliance - which includes OPEC countries and allies - agreed this month to extend voluntary production cuts by 2.2 million barrels per day in an effort to support prices.

Iraq reduces production

For its part, the Iraqi Ministry of Oil said on Monday that it will reduce the country's exports of crude oil to 3.3 million barrels per day in the coming months to compensate for any increase recorded last January and February above its quota determined under the OPEC Plus alliance agreements.

The ministry added, in a statement, that Iraq is committed to the voluntary reduction agreed upon with OPEC Plus and is coordinating with secondary sources to reveal export restrictions in future coalition reports.

Under the voluntary cut, Iraq's share of production amounts to 4 million barrels per day.

Sources providing secondary data on the volume of production by OPEC Plus members stated that Iraq’s production reached 4.2 million barrels per day last February.

The Ministry of Oil said earlier this month that Iraq's oil exports amounted to 3.43 million barrels per day on average last February.

Source: Reuters