Saudi Arabia reduced oil production by 0.3% in December compared with the previous month, while exports increased by 2.2%. The decrease in Saudi Arabia’s oil production is evidenced by data on the Joint Organization Data Initiative (JODI) website.

Decline in oil production – current data

Exports reached 7.437 million barrels per day (bpd) compared to 7.28 million bpd in November. This was 7.2% higher than the last month of 2021.

Saudi Arabia’s oil production was 10.435 million bpd in December compared to 10.468 million bpd a month earlier, JODI data showed. On an annualized basis, that figure increased by 4.1%.

Iraq’s oil exports rose 1.9% month-on-month to 3.749 million bpd in the month before last. Production was virtually unchanged at 4.431 million bpd. Compared to December 2021, the first figure increased by 1.8%; the second – by 4.9%.

Venezuelan oil production fell to 669,000 bpd from 693,000 bpd in November. A year earlier the figure was 871 kbpd.

At the same time, supplies from this country in December were 340 thousand bpd against 410 thousand bpd a month earlier. Venezuela resumed fuel exports in early 2022 after a long break.

According to preliminary estimates by JODI, the U.S. reduced oil production by 2.3% in December to 12.087 million bpd from 12.375 million bpd a month earlier. Over the year the figure increased by 3.9% (from 11.634 mln bpd).

U.S. crude oil exports were 3.94 mln bpd in the month before last, compared to 4.042 mln bpd in November (down 2.5%) and 3.48 mln bpd in December 2021 (up 13.2%).

Earlier we reported that Brent oil is getting cheaper.