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Saudi Oil Output Rises 8% Before Middle East Conflict

Bloomberg Markets •
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Saudi Arabia significantly increased crude production ahead of the recent Middle East conflict, according to new OPEC data. The kingdom reported pumping 10.882 million barrels per day in February, up from 10.1 million barrels per day in January - an 8% increase that preceded the US-Israeli strike on Iran.

This production surge follows a similar pattern from last year when Saudi Arabia and other Persian Gulf producers accelerated exports before the US attack on Iran's nuclear facilities. The preemptive increase appears aimed at positioning supplies away from potential conflict zones. Tanker-tracking data compiled by Bloomberg showed both Saudi Arabia and Iran accelerated exports before the war began on February 28.

The OPEC report included multiple output metrics. While Saudi Arabia's direct reporting showed the production increase, a secondary source compilation from seven external companies indicated production remained roughly steady at 10.11 million barrels per day in February. The kingdom also reported a lesser-used supply-to-market measure of 10.111 million barrels per day.