Saudi Arabia and Iran boost oil exports

Saudi Arabia and Iran increased oil exports in January from a month earlier amid higher demand for crude from OPEC member nations, official data posted on the Joint Organisation Data Initiative’s website showed. Saudi Arabia, the largest producer in the Organisation of Petroleum Exporting Countries, boosted January exports by 2 percent to 7.507m barrels a day, according to JODI data released today. Iran, the group’s second-biggest producer, exported 2.265m barrels a day, its highest monthly figure since December 2008, the data showed. OPEC supplies about 40 percent of global crude.