Saudi Arabia’s crude oil exports continued to fall at the start of this year after OPEC’s largest producer started to aggressively cut oil supply in December last year to prevent another glut, while the Kingdom signals that further cuts are coming. According to data by the Joint Organisations Data Initiative (JODI) database, which collects self-reported figures from 114 countries, Saudi crude oil exports dropped to 7.254 million bpd in January, down from 7.687 million bpd in December 2018. During the last month of 2018, OPEC’s de facto leader and the cartel’s key ally Russia realized their preemptive production ramp-up to meet a steep Iranian export shortfall would create another glut if they don’t implement another round of cuts, which they did, starting in January. Saudi Arabia’s crude oil exports plunged by nearly 550,000 bpd to 7.687 million bpd in December, down from a two-year high in November, as the […]