Saudi Arabia's March 2009 Oil Production Rises By 300,000 Bpd

Saudi Arabia raised its oil production by nearly 300,000 barrels per day (bpd) in March 2009 in spite of a collective agreement by the Organization of Petroleum Exporting Countries (OPEC) to cut crude supplies to support prices, official figures revealed. The country produced 8.358 million bpd in March 2009, compared with around 8.056 million bpd in February 2009.

The March 2009 production is also in excess of 300,000 bpd above its output target set by the oil exporter group under a series of production cuts totaling 4.2 million bpd by January 2009. Under the cartel’s latest accord, Saudi Arabia was allocated a quota of 8.051 million bpd
Saudi Arabia gave no explanation for the output increase in its report to the Riyadh-based Joint Oil Data Initiative (Jodi).

Energy Business Review