Saudi Arabia, Russia May Cut Production, But Don’t Expect Exports To Plunge

After releasing its impressive oil consumption data for March 2023, the latest production figures from the Joint Organisations Data Initiative (JODI) show that Saudi oil exports rose slightly from 7.45 million bpd to 7.52 million bpd in February. The data also shows a slight increase in Saudi production to 10.46 million bpd ahead of the surprise production cut, which was announced during the first week of April 2023. Market watchers have kept a close eye on both Saudi and Russian production and export figures in April and May. According…