Saudi Arabia continued to slash its oil exports as this year progressed, with February crude shipments dropping by 227,000 bpd from January to just below 7 million bpd, as the Kingdom is determined to rebalance the market in its effort to support oil prices. According to data released on Thursday by the Joint Organisations Data Initiative (JODI) database, which collects self-reported figures from 114 countries, Saudi Arabia’s crude oil exports stood at 6.977 million bpd in February, compared to 7.254 million bpd in January and to 7.687 million bpd in December 2018, when the Kingdom started to aggressively cut oil supply to prevent another glut. Total Saudi crude oil and oil products exports dropped by 432,000 bpd from January to 8.44 million bpd in February 2019, according to JODI’s data. The figures by JODI, as well as OPEC’s production numbers, show that Saudi Arabia is keeping its pledge to […]