During Nov. through Jan., output from NOPEC participant Russia represented a cut of over 400K b/d compared to the Oct. 2016 reference point. Throughout 2017, the country averaged 240K b/d below the reference level. The Joint Organizations Data Initiative (JODI) reported that Saudi Arabia produced 9.980MM b/d in Dec.-up 0.9% from Nov. Saudi Arabia reported its Jan. output was slighdy higher at 9.983MM b/d, but still within its OPEC/NOPEC quota of 10.058MM b/d. JODI reported Dec. exports inched up by 0.4% to 7.045MM b/d. Crude used for power generation dropped 14.5% as falling temperatures decreased air conditioning demand. Dec. product exports declined by 4.0% to 1.506MM b/d while domestic consumption was up by 6.3% to 2.294MM b/d. Saudi Arabian refinery throughput was up by 1.8% to 2.828MM b/d in Dec. Domestic crude stocks were down by 1.9% to 245.009MM bbl.
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