FINANCIAL NEWS

Saudi exports USD36.24b worth of oil in Q1

04 Apr 2015

(MENAFN) Saudi Arabia exported nearly 696 million barrels of crude oil in the first three months of the current year with proceeds amounting to USD36.24 billion, Arab News reported.

Domestic consumption during the same period reached nearly 200 million barrels, or 22 percent of the total output, an economic expert was quoted as saying by Al-Riyadh daily.

The Kingdom’s oil policy during the next period has been outlined by Minister of Petroleum and Mineral Resources that the Kingdom would maintain its (production) quota in the market.

Based on the above data, oil supplies are still rising and the global demand weak coupled with accumulated stockpiles globally and high price of dollar against other currencies.

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