Saudi Arabia's crude oil exports dropped to a record low of 4.974 million barrels per day in March, based on data since January 2002, Joint Organizations Data Initiative (JODI) data showed on Wednesday.
Saudi production in March was about 6.967 million bpd, the JODI data showed, also the lowest on record, down from 10.882 million bpd in February.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, a data transparency initiative coordinated by energy organisations including OPEC and the IEA.
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The Iran war has sent shockwaves through global energy markets, driving oil prices sharply higher. "At the beginning of the conflict, flows via the Strait of Hormuz were completely disrupted, impacting exports from within the Gulf. The ramp up of exports from the port of Yanbu in the Red Sea and using inventories stored abroad should have helped the Kingdom to recover exports later in the month," said UBS analyst Giovanni Staunovo.
The war has effectively closed the Strait of Hormuz, a key global oil route, curbing millions of barrels of Middle East output and sending fuel prices soaring. The surge is hitting consumers and businesses, and prompting government steps to conserve supplies. Saudi Arabia, the world's top oil exporter, is increasingly struggling to move its crude to global markets, with the conflict choking off tanker flows out of the Gulf. Earlier this month, OPEC lowered its forecast for global oil demand growth in 2026, joining other forecasters such as the International Energy Agency in cutting expectations due to the Iran war. However, even as demand growth forecasts are slashed, the IEA expects global oil supply to fall short of total demand this year, upending its earlier outlook for a surplus.
Supply losses due to the war led to a 246 million barrel drawdown in global oil inventories in March and April, the IEA said, which could increase price volatility ahead of the peak summer demand period.
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Brent crude futures were trading at around $108 a barrel on Wednesday, while U.S. West Texas Intermediate futures were near $101.46.
Saudi Arabia's refinery crude throughput in March fell by 0.746 million bpd to 2.266 million bpd from February's 3.012 million bpd, the JODI data showed, while direct crude burning increased by 82,000 bpd to 330,000 bpd.
