Saudi Arabia boosts oil production to 10m barrels per day
Saudi Arabia’s crude oil production has soared to over 10m barrels per day, (bpd) according to data from the Joint Organisations Data Initiative (JODI).
It revealed the oil giant had increased production by 110,000 bpd to 10.02m in December.
This was 1.04 million bpd above the levels it recorded in the year prior at the height of the pandemic, and 428,000 above the figures it published in December 2019.
Exports of oil products from Saudi Arabia rose to a three-year high of 1.67 million bpd in December, from 1.55 million bpd in November.
Despite the boom in production, JODI outlined that exports from Saudi Arabia and other oil-exporting countries worldwide fell slightly to 6.937 million bpd from 6.949 million bpd in November.
Along with other members of the Organization of the Petroleum Exporting Countries (OPEC), Saudi Arabia is trying to ramp up output every month as global oil demand rises on the back of a recovery from the COVID-19 pandemic.
OPEC alongside key allies such as Russia (OPEC) is aiming to boost production by 400,000 bpd over the course of 2022.
However the organisation has been missing its headline target, with multiple members including Nigeria and Angola failing to meet required quotas.
This has helped boost rallies on both major benchmarks amid tightening supplies – with analysts speculating the $100 milestone could be reached for the first time since 2014.