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FINANCIAL NEWS
Saudi crude production up, exports steady
22 Mar 2011
(MENAFN) A Saudi Arabian official reported that country’s oil production for Marcha neared nine million barrels per day (bpd), however, the country did not increase its exports and is reserving the extra amounts, reported Gulf Daily News.
The Kingdom had also said that it could compensate the shortage in oil supply that was caused by the disruption of crude exports from Libya. Saudi Arabia suggested more amounts light crude exports to Europe.
Even though the world’s number-one oil exporter has not increased its exports yet, expectations are for the demand in Europe to hike once reserves fall short, which would market the additional supply of the Kingdom.
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