Saudi Arabia saw its oil exports fall in February and steel producer nations couldn’t agree on a plan to curb output.
Saudi Oil Exports Fall
Saudi Arabia’s crude oil exports fell in February to 7.553 million barrels per day from 7.835 million barrels per day in January, official data showed on Monday.
The world’s largest oil exporter produced 10.220 million bpd of crude in February compared with 10.230 million bpd in January, the data showed. Saudi Arabia’s domestic crude oil inventories fell to 305.599 million barrels in February from 314.119 million barrels a month earlier. Despite falling exports, the Kingdom quashed any hope of a production freeze deal at a Doha, Qatar, meeting of producer-nations last week mostly over Iran’s newly unsanctioned production.
Steel Talks Don’t Result in Agreement
China and other major steel-producing countries failed to agree to measures to tackle a global steel crisis as the sides argued over the causes of overcapacity, prompting U.S. criticism of Beijing’s approach and an angry response from Chinese officials.
A meeting of ministers and trade officials from over 30 countries, hosted by Belgium in Brussels and the Organization for Economic Cooperation and Development on Monday, sought to tackle excess capacity, but concluded only that it had to be dealt with in a swift and structural way.