April Saudi Oil Production

The above graph summarizes the data on Saudi oil production (and oil rig count on the right scale).  The feature of most current interest is the large production cut that was implemented in the last months of 2012 (more background here).

It appears that in April there was a noticeable uptick in production of around 100-150kbd.  That is nowhere near enough to offset the cut in late 2012, but since it shows up in both sources with data available for April, it’s most likely a robust feature of the data.

early warning