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A Saudi oil industry source announced that Saudi Arabia had produced 9.744 million b/d of crude oil this past month, 400,000 bpd below its quota according to the OPEC+ agreement. As prices have dropped due to the ongoing coronavirus outbreak, Saudi Arabia has urged OPEC+ members to move up the date of the ministerial meeting to discuss fears of a global dip in crude markets. Estimates show that the worst-case scenario for oil demand could fall to 900,000 b/d in February and 650,000 b/d in March.

Saudi Oil Output Tops 9 million b/d in January

A Saudi oil industry source announced that Saudi Arabia had produced 9.744 million b/d of crude oil this past month, 400,000 bpd below its quota according to the OPEC+ agreement.

As prices have dropped due to the ongoing coronavirus outbreak, Saudi Arabia has urged OPEC+ members to move up the date of the ministerial meeting to discuss fears of a global dip in crude markets.

Estimates show that the worst-case scenario for oil demand could fall to 900,000 b/d in February and 650,000 b/d in March.

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