Saudis Ease Sacrifice of OPEC Oil Cut With Record Fuel Exports
- Nation’s diesel shipments soar above 800,000 barrels a day
- Country’s crude oil production remained below OPEC-agreed cap
OPEC's Control of the Oil Market Is Running on Fumes
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Saudi Arabia’s exports of diesel and gasoline soared to a record in January, underscoring a big advantage the world’s largest oil exporter has over other producers who’re more dependent on shipments of lower-value crude.
While the kingdom kept crude output below an OPEC-agreed cap, its shipments of diesel, gasoline and other fuels surged by 27 percent to a record 1.912 million barrels a day in January, according to data from the Joint Organisations Data Initiative in Riyadh. It means the country’s total oil shipments overseas exceeded those in October 2016, the reference month for a deal with OPEC and other producers to curb pumping.