Saudi Arabia saw a 75% year over year surge in oil exports, reaching a value of nearly $14 billion in March, according to Oilprice.com. Crude now accounts for about 70% of the country’s exports.
Saudi Arabia’s oil export’s boom reflects a recovering demand following the easing of coronavirus restrictions.
Oil export recoveries happen following a sharp drop last year, which saw prices fall as coronavirus restrictions intensified.
Saudi’s non-oil exports also surged to hit $5.96 billion after a jump of 43% in March, the highest since July 2018.
The jump in Saudi’s crude exports happens before OPEC+ meets on June 1 to discuss production plans following curbs put in place earlier in the year.
OPEC+ is expected to raise output by 840,000 barrel-a-day starting July, ending the three phases of planned increases this year.
Analysts see a moderately bullish momentum in oil markets with Brent seen to bid for an important $70 per barrel level.
Oil futures are currently gaining. CL1! is up 1.42%
