JODI reports that Saudi Arabian crude exports in March fell to their lowest ever recorded levels.

Saudi Arabian crude oil exports fell to a new record low in March of?4.974 millions barrels per?day, according to data from?Joint Organizations Data Initiatives (JODI),?data released on Wednesday.

The JODI data revealed that Saudi Arabia's production in March was 6.967 millions bpd. This is also the lowest ever recorded, and down from 10.882million bpd during February.

Riyadh, along with?others members of the Organization of the Petroleum Exporting Countries(OPEC), provides monthly export figures to?JODI. This initiative is coordinated by energy organizations including OPEC and the IEA.

Oil prices have soared sharply since the Iran war.

The war has closed the Strait of Hormuz - a major global oil route - effectively, which has lowered Middle East production by millions of barrels and sent fuel prices skyrocketing. This surge in prices is affecting consumers and businesses and has prompted government to take steps to conserve supply.

Saudi Arabia is the top oil exporter in the world. The conflict has slowed down tanker traffic out of the Gulf.

OPEC has lowered its 'forecast of global oil demand growth for 2026. It joins other 'forecasters, such as the International Energy Agency, in lowering expectations due to Iran war.

The IEA has revised its previous forecast for a surplus, predicting that 'global oil supplies will fall short of 'total demand in this year.

The JODI data revealed that Saudi Arabia's crude refinery?throughput fell by 0.746 million bpd in March to 2.266 million bpd compared to February's 3,012 bpd. Direct crude burning, however, increased by 82,000 to 330,000 bpd. (Reporting by Anjana Anil in Bengaluru)

(source: Reuters)