shortage.life · last_sync · 2026-07-08 16:49:52 UTCbuild 27d88d1 · node v22.22.2

// node

shortage.life
v0.3 · brussels · build f3a2c81
● online · 47/47 sources · 312ms

// $_ exec

$ shortage briefing get saudi-crude-march-jodi-cut
> lang=en read=6min kind=scenario
> published 2026-05-24

// readout · live

BRENT     $78.99/b 
TTF       €49.05/MWh 
OPEC_ORB  n/a
SPR_US    325.7 Mb 
FAO_FFPI  130.3 
auto-refresh 60slatency 312msbuild 0.3.0commit f3a2c81UTC 00:00:00
$_TICKER
BRENT$80.43▲1.27%TTF€49.05● 0.0%HH$3.27● 0.0%SPR_US325.6 Mb16.7dEU_GAS48.8%18c avgFAO_FFPI130.3▼0.4%WHT$6.11/bu▼0.69%BRENT$80.43▲1.27%TTF€49.05● 0.0%HH$3.27● 0.0%SPR_US325.6 Mb16.7dEU_GAS48.8%18c avgFAO_FFPI130.3▼0.4%WHT$6.11/bu▼0.69%
READ MODE// long-form zoneEDITORIAL · briefingscenario·2026-05-24
~/briefings/saudi-crude-march-jodi-cut·scenario · 6 min read← all briefings
scenario · Energy · 2026-05-24

Saudi crude output drops to 6.97 mb/d in JODI March print

Down 36% from the February print of 10.88 mb/d. Either the largest single-month voluntary cut since 2023 or a data revision waiting to happen.

By N. Vermeulen·2026-05-24·6 min read·energy · oil · saudi · opec · scenario

The print

JODI's March 2026 release for Saudi Arabia shows crude production at 6.97 mb/d — down from 10.88 mb/d in February and ~10.1 mb/d in January. If verified, this is the largest single-month decline reported through JODI since the OPEC+ April 2023 voluntary cut.

Three possible reads

1. Real voluntary cut. A 3.9 mb/d adjustment is at the upper bound of what Riyadh can implement quickly without damaging field integrity. It would imply a coordinated OPEC+ floor defense ahead of June's JMMC, with the basket already at $108.79/bbl.

2. Reporting noise. JODI publishes country-reported values without independent verification. Saudi reporting has historically been the most reliable in the dataset, but month-to-month variance of this magnitude has occurred before and been revised in subsequent prints.

3. Maintenance / disruption. A planned turnaround at one of the large fields (Ghawar, Safaniya, Manifa) could account for 2-3 mb/d for a calendar month, with the rest absorbed by storage draw.

What to cross-check

If the JODI number holds in subsequent months, the OPEC+ spare capacity picture flips: the floor moves from ~3.8 mb/d to closer to 7 mb/d on paper, but the willingness to deploy that capacity is unchanged.

Source: JODI Oil Primary, March 2026 release; OPEC May 2026 MOMR.