Saudi crude oil output last month fell 
to an average of 3.5 mln barrels per day (bpd) from 3.8 mln bpd 
in January, Gulf oil sources said. 
    They said exports from the Ras Tanurah and Ju'aymah 
terminals in the Gulf fell to an average 1.9 mln bpd last month 
from 2.2 mln in January because of lower liftings by some 
customers. 
    But the drop was much smaller than expected after Gulf 
exports rallied in the fourth week of February to 2.5 mln bpd 
from 1.2 mln in the third week, the sources said. 
    The production figures include neutral zone output but not 
sales from floating storage, which are generally considered 
part of a country's output for Opec purposes. 
    Saudi Arabia has an Opec quota of 4.133 mln bpd under a 
production restraint scheme approved by the 13-nation group 
last December to back new official oil prices averaging 18 dlrs 
a barrel. 
    The sources said the two-fold jump in exports last week 
appeared to be the result of buyers rushing to lift February 
entitlements before the month-end. 
    Last week's high export levels appeared to show continued 
support for official Opec prices from Saudi Arabia's main crude 
customers, the four ex-partners of Aramco, the sources said. 
    The four -- Exxon Corp <XON>, Mobil Corp <MOB>, Texaco Inc 
<TX> and Chevron Corp <CHV> -- signed a long-term agreement 
last month to buy Saudi crude for 17.52 dlrs a barrel. 
    However the sources said the real test of Saudi Arabia's 
ability to sell crude at official prices in a weak market will 
come this month, when demand for petroleum products 
traditionally tapers off. Spot prices have fallen in recent 
weeks to more than one dlr below Opec levels. 
    Saudi Arabian oil minister Hisham Nazer yesterday 
reiterated the kingdom's commitment to the December OPEC accord 
and said it would never sell below official prices. 
    The sources said total Saudi refinery throughput fell 
slightly in February to an average 1.1 mln bpd from 1.2 mln in 
January because of cuts at the Yanbu and Jubail export 
refineries. 
    They put crude oil exports through Yanbu at 100,000 bpd 
last month, compared to zero in January, while throughput at 
Bahrain's refinery and neutral zone production remained steady 
at around 200,000 bpd each. 
 REUTER