{"id":107359,"date":"2026-04-14T00:00:00","date_gmt":"2026-04-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2026\/04\/14\/this-morning-opec-output-sinks-20-in-march-as-saudi-iraq-flows-drop\/"},"modified":"2026-04-14T00:00:00","modified_gmt":"2026-04-14T00:00:00","slug":"this-morning-opec-output-sinks-20-in-march-as-saudi-iraq-flows-drop","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/04\/14\/this-morning-opec-output-sinks-20-in-march-as-saudi-iraq-flows-drop\/","title":{"rendered":"THIS MORNING: Opec+ output sinks 20% in March as Saudi, Iraq flows drop"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>The good news is: the ceasefire is continuing to hold, though ongoing <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/bahrain-summons-iraqi-charge-daffaires-over-drone-attacks-launched-iraq-2026-04-13\/\" style=\"\">drone attacks<\/a> on Bahrain are sparking concerns that some proxies in the war are not giving up. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the Hormuz front<\/strong>, the US military said it will begin <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/us-military-says-it-will-start-blockade-all-ships-going-iran-monday-2026-04-12\/\" style=\"\">blocking<\/a> all maritime traffic entering and leaving Iranian ports as of yesterday, as US forces also began setting conditions for mine <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/trump-says-us-forces-are-clearing-strait-hormuz-2026-04-11\/\" style=\"\">clearance<\/a> in Hormuz over the weekend. US warships are reportedly already moving through the waterway as part of their operation and the military says it\u2019s working to secure safe passage for commercial shipping. <strong>We have more on this in today\u2019s big story, below.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Rain, rinse, repeat: <\/strong>Most of the Kingdom is in for moderate to heavy thunderstorms, rain, and strong winds today, with the most intense activity expected over Asir, Jazan, and Makkah.<\/p>\n<ul>\n<li>Riyadh: 29\u00b0C high \/ 19\u00b0C low;<\/li>\n<li>Jeddah: 34\u00b0C high \/ 22\u00b0C low;<\/li>\n<li>Makkah: 35\u00b0C high \/ 23\u00b0C low;<\/li>\n<li>Dammam: 30\u00b0C high \/ 19\u00b0C low.<\/li>\n<\/ul>\n<p class=\"tag-border-left\"> Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a><strong> OIL \u2014<\/strong> <strong>Opec+ output slipped nearly 20% in March: <\/strong>Opec+ crude output averaged 35.06 mn bbl \/ d in March, down 7.7 mn bbl \/ d m-o-m \u2014 nearly 20% \u2014 with Iraq and Saudi Arabia seeing the largest declines, as flows remain constrained, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/574.pdf\" style=\"\">monthly oil report (pdf)<\/a>. Iraq output fell 61% m-o-m to 1.63 mn bbl \/ d, while Saudi production dropped 23% to 7.8 mn bbl \/ d.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cutting the quarter, keeping the year intact: <\/strong>The group cut its forecast for global oil demand in the second quarter by 500k bbl \/ d to average 105.07 mn bbl \/ d. Still, the 2026 demand growth forecast was left unchanged at 1.38 mn bbl \/d.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That leaves the market reading conflicting signals: <\/strong>While demand expectations are easing on paper, actual supply remains tight due to logistics and geopolitics rather than deliberate cuts. At the same time, planned Opec+ <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/06\/opec-boosts-output-for-may\/\" style=\"\">output<\/a> boosts of 206k bbl \/ d for May \u2014 with Saudi Arabia alone contributing 62k bbl \/ d \u2014 risk being largely nominal as key nations remain unable to raise production amid the US-Iran conflict, adding another mismatch between paper balances and market realities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>LOGISTICS \u2014 Saudi crude flows to China are being cut in half next <\/strong><strong>month<\/strong>, with the Kingdom set to ship some 20 mn barrels to its biggest buyer in May, down from roughly 40 mn barrels allocated for April, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-13\/saudi-oil-sales-to-china-to-halve-as-hormuz-crisis-lifts-prices?srnd=phx-industries-energy\" style=\"\">Bloomberg<\/a> reports, citing traders.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> Aramco <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/07\/aramco-slaps-record-usd-20-premium-on-asian-crude-as-hormuz-chokehold-tightens\/\" style=\"\">hiked<\/a> Asia-bound Arab Light crude by USD 17 \/ bbl for May deliveries, bringing the total premium to an unprecedented USD 19.50 over the Oman-Dubai benchmark, while also limiting Asian refiners to Arab Light loadings only via Red Sea ports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China started leaning on inventories instead of paying up<\/strong>, giving state refiners the green light to tap commercial crude stockpiles, with <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/127769\/%D8%A7%D9%84%D8%B5%D9%8A%D9%86-%D8%AA%D8%B3%D9%85%D8%AD-%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D9%86%D9%81%D8%B7-%D8%AD%D9%83%D9%88%D9%85%D9%8A%D8%A9-%D8%A8%D8%A7%D9%84%D8%B3%D8%AD%D8%A8-%D9%85%D9%86-%D8%A7%D8%AD%D8%AA%D9%8A%D8%A7%D8%B7%D9%8A%D8%A7%D8%AA%D9%87%D8%A7-%D9%88%D8%B3%D8%B7-%D8%A7%D9%84%D8%AD%D8%B1%D8%A8\/\" style=\"\">analysts<\/a> estimating drawdowns of up to 1 mn bbl \/ d through April-June. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>ECONOMY \u2014 The GCC\u2019s real GDP grew 5.2% y-o-y in 3Q 2025 <\/strong>to USD 474 bn , according to the latest data from the <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/526.pdf\" style=\"\">GCC Statistical Centre (pdf)<\/a>. Meanwhile, nominal GDP \u2014 which is not adjusted for inflation \u2014 grew 2.2%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Growth was broad-based across the bloc: <\/strong>All GCC economies recorded positive real GDP growth during the quarter, with the UAE leading the pack with 6.8% growth. It was followed by Saudi Arabia and Kuwait at 4.8% each, Bahrain at 4.0%, Qatar at 2.9%, and Oman at 2.0%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Diversification is advancing \u2014 but oil remains key: <\/strong>While hydrocarbons remain the cornerstone of the regional economy \u2014 accounting for 22.0% of nominal GDP \u2014 non-oil sectors are assuming an increasingly prominent role in the output structure. Manufacturing contributed 12.4%, followed by wholesale and retail trade at 9.7%, and construction at 8.4%. Other key contributors included public administration and defense (7.5%), financial and ins. activities (7.0%), and real estate (5.8%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- The GCC is very likely to see growth slashed this year due to the repercussions of the war<\/strong>, with <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/11\/oxford-economics-slashes-uae-2026-growth-forecast-as-strait-of-hormuz-closure-chokes-trade\/\" style=\"\">Oxford Economics<\/a> forecasting 2.6% growth, down 1.8 percentage points from its earlier forecast, citing \u201clower oil production, exports, tourism, and domestic demand.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <a target=\"_blank\" id=\"id.9zhcq2vpvxc5\"><\/a> <strong>DEBT \u2014 Pakistan turns to Saudi Arabia, China to repay UAE loan<\/strong><strong>: <\/strong>Pakistan is in talks with Saudi Arabia and China to secure more than USD 3.5 bn in loans and investments to cover a USD 3 bn repayment due to the UAE, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-13\/pakistan-in-talks-with-saudi-arabia-china-after-uae-s-loan-move\" style=\"\">Bloomberg<\/a> reports, citing people familiar with the matter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pakistan\u2019s bind: <\/strong>The move comes after Islamabad failed to roll over the loan for the first time in seven years, leaving it with a month-end repayment deadline and adding pressure on foreign exchange reserves of about USD 16 bn \u2014 enough for roughly three months of imports. The UAE reportedly pushed for a short rollover of under a year, which Pakistan rejected.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why KSA and China? <\/strong>The Kingdom has been stepping up engagement with Pakistan lately, including the recent <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/12\/this-morning-us-iran-negotiations-pakistani-reinforcements-and-more\/\" style=\"\">delivery<\/a> of Pakistani fighter jets under our mutual defense pact and an agreement to set up an economic cooperation framework <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/10\/29\/saudi-pakistan-launch-economic-cooperation-framework\/\" style=\"\">in October<\/a>. Meanwhile, China remains Pakistan\u2019s largest creditor, with over USD 25 bn in debt and ongoing Belt and Road-linked financing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SAR 12.6 bn \u2014 that\u2019s where expatriate remittances in the Kingdom stood in <\/strong><strong>February<\/strong>, down 2% y-o-y to a 15-month low, the <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/660477\/saudi-arabia\/expat-remittances-drop-to-sr125-billion-in-february-lowest-in-15-months\" style=\"\">Saudi Gazette<\/a> reported, citing data from the Saudi Central Bank. On a monthly basis, expat remittances dropped 6% (SAR 768 mn) from January. Remittances by Saudis abroad also declined 22% y-o-y to SAR 4.86 bn during the month.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Tas\u2019heel and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\">saudi@enterpriseAM.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\">logistics<\/a> industry, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\">MENA <> India<\/a> corridor?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/newsletters\/\" style=\"\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The big story abroad <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Goldman Sachs<\/strong><strong> has made headlines today after its financial results for 1Q <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/04\/13\/goldman-sachs-gs-earnings-1q-2026.html\" style=\"\">beat expectations<\/a><\/strong>. The US investment bank\u2019s bottomline rose 19% y-o-y to USD 5.6 bn \u2014 driven by strong dealmaking and record-setting equities revenues. That said, the firm's fixed income revenue dropped 10% to USD 4 bn, missing StreetAccount\u2019s estimates set by a substantial USD 910 mn. The company attributed the slump to significantly lower returns in interest rate products, mortgages, and credit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also on Wall Street: Asset management giant BlackRock has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/jpmorgan-morgan-stanley-urge-buying-dip-us-earnings-stay-resilient-2026-04-13\/\" style=\"\">upgraded its forecast<\/a><\/strong><strong> for US equities<\/strong>, citing the limited broader impact of the conflict in Iran as key drivers for a positive market outlook. The firm raised its outlook from a notch to overweight from neutral, arguing that there is \"tangible evidence of actions\u201d that will lead to a resumption of traffic through the Strait of Hormuz. BlackRock singled out earnings in the tech sector as especially likely to shield stateside equities from fallout of the regional war.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi crude shipments to China to drop 50% to 20 mn barrels<\/p>\n","protected":false},"author":1,"featured_media":107360,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[213,2441,10,381,335,2687,514,678,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-107359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-china","tag-debt","tag-enterpriseam-ksa","tag-gcc","tag-gdp","tag-oil","tag-opec-2","tag-pakistan","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"9aad668c-7815-4c7d-ad2e-ef016ee039a7","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/4\/597.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Opec+ March output slides","related_issue":[107357],"teaser":"Saudi crude shipments to China to drop 50% to 20 mn barrels"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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