Saudi stockpiles reach an 18-month low in March
Saudi Arabia’s oil production remained unchanged in the final month of the first quarter, according to reports from OPEC, but as demand for the kingdom’s oil continues to grow, OPEC’s largest producer is increasingly depleting its stockpiles. The kingdom’s crude oil stockpiles fell to 296.7 MMBO in March, down 3% from 305.6 MMBO in February, reports Bloomberg. The current level of oil stockpiles in Saudi Arabia represents an 18-month low.

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