Last month the country supplied to foreign markets about as much as the year before. However, soon experts predict a significant increase in Brent crude oil prices.

A representative of Saudi Arabia, which is a key player in the global oil market, said in a conversation with Bloomberg that Riyadh kept oil exports in December 2022 at a stable level, continuing to meet its obligations under OPEC +. The country exported 7.21 million bpd, a figure that remained at November levels, an anonymous kingdom official said. 

OPEC+ is out of politics. Brent crude oil spot price rises

Bloomberg’s own tanker data shows almost similar figures for exports: 7.25 million bpd. At the same time, oil production remains slightly below the OPEC+ target of 10.48 million bpd. 

It is worth noting that the Organization of the Petroleum Exporting Countries (OPEC) and its partners announced significant supply cuts in late 2022 to stabilize oil markets amid worsening economic conditions.

Although the decision initially drew criticism from Washington, the restrictions helped to balance prices amid fears of a U.S. recession and an uneven economic recovery in China, Bloomberg noted. In the first trading days of this year, oil prices showed a further decline. So, on January 4, Brent crude oil spot prices fell by 4%: below $79 per barrel.

A group consisting of representatives of key countries of the OPEC+ alliance is to meet on February 1, 2023 to monitor the current market situation. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the alliance would remain “proactive” in keeping the crude market stable.

With this state of affairs, Saudi Arabia and other OPEC+ members will be able to increase their oil revenues very noticeably, even without an increase in exports. 

Earlier we reported that Swiss analysts forecast $110 per barrel of oil.