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FINANCIAL NEWS
Saudi Aramco boosts 2012 oil output to 3.479b barrels
29 May 2013
(MENAFN) Saudi Aramco announced that its oil output in 2012 hit 3.479 billion barrels, up from 3.310 billion barrels a year earlier, reported Gulf Daily News.
The state-owned oil giant attributed the increase to higher global demand and the decline in Iran’s oil production due to the western sanctions imposed on the country’s oil trade.
Several GCC countries have boosted crude output to offset the drop in Iranian exports, as chief customers, including India and China, face pressures from the West to cut their imports of Iranian oil.
It is worth noting that Aramco’s exports grew to 2.521 billion barrels in 2012, from 2011’s 2.421 billion barrels.
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