Saudi Arabia's crude oil exports surged to their highest level in four months, reaching 6.30 million barrels per day (bpd) in October, a 9.6% increase from September, according to data from the Joint Organizations Data Initiative (JODI). Meanwhile, crude oil production slightly decreased by 0.4% to 8.94 million bpd. In November, OPEC+ agreed to voluntary output cuts totaling about 2.2 million bpd for early next year, with Saudi Arabia leading by maintaining its current voluntary cut. The country also reduced the price of its Arab Light crude to Asian customers in January for the first time in seven months. The drop in prices coincides with concerns about supply chain disruptions due to mounting attacks by the Iran-aligned Houthi militant group in the Red Sea.

SOURCE:GOOGLE