Saudi Arabia: Saudi Arabia and allies announce output hikes
Latest reading: Brent crude oil prices averaged USD 75.15 per barrel in February, down 3.9% from January. On 28 February, the commodity traded at USD 73.56 per barrel, down 4.2% from 31 January.
Turning to production, Saudi oil output came in at 8.96 mbpd (million barrels per day) in February, largely unchanged from 8.94 mbpd in January and remaining at one of the lowest levels of the past decade.
Outlook: In April, Saudi Arabia unexpectedly announced with seven other OPEC+ producers that it would hike crude oil output more than originally planned in May. Saudi Arabia’s quota is now to rise to 9.20 mbpd in May, an increase of just over 2% from the lows in place through February.
Over 2025 as a whole, Saudi Arabia’s crude oil output is set to increase annually for the first time in three years. Still, production is projected to stay below the peak of roughly 10.5 mbpd until at least 2028.