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FINANCIAL NEWS
Saudi exported 1.59b oil barrels by July-end: Expert
05 Aug 2012
(MENAFN) Saudi Arabia’s crude oil exports in the first seven months of 2012 were estimated to have reached nearly 1.59 billion barrels worth USD175 billion, local media reported.
Arab News quoted Fahad bin Jumaa, an economic expert, as saying that local consumption hit 535.6 million barrels, or 25 percent of total production.
Jumaa confirmed that the world’s top crude exporter is still producing within the range of 10 million barrels per day (bpd), on higher price of Arabian Light crude in July compared to June, and the sharp decline of Iran’s oil production in June.
According to the International Energy Agency (IEA), Iran’s crude output in June dropped to 3.2 million bpd on Western sanctions on its oil exports.
Jumaa also said that Saudi Arabia’s crude exports to China soared 26.1 percent to 1.2 million bpd in July.
A separate report by Petroleum Policy Intelligence (PPI) showed that the Kingdom’s July oil output rose to 10.3 million bpd, an increase of 445,000 bpd compared to May figures.
The Kingdom’s actual production rate was 10.1 million barrels a day in June, compared with 9.8 million in May, the PPI report said.
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