OPEC Report: Saudi Arabia Increases Oil Production Amid Middle East Tensions

On March 11, according to Jin10, OPEC's monthly report revealed that Saudi Arabia significantly increased its oil production in February, ahead of U.S. and Israeli strikes on Iran. OPEC maintained its forecast for relatively strong global oil demand growth this year. Informed sources indicated in February that Saudi Arabia's increase in oil production and exports was part of a contingency plan to mitigate potential disruptions to Middle Eastern oil supplies due to U.S. actions against Iran. The report stated that Saudi Arabia informed OPEC of supplying 10.111 million barrels per day to the market in February, with a production level of 10.882 million barrels per day. Previously, Saudi Arabia reported a production level of 10.10 million barrels per day in January.