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.

The Iran war has sent shockwaves through global energy markets, driving oil prices ​sharply higher.

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.

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.

The IEA expects global oil supply to fall ⁠short of total demand this year, upending its ​earlier outlook for a surplus.

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.

(Reporting by Anjana Anil in Bengaluru)