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FINANCIAL NEWS
Saudi lowers Nov crude oil exports by 124k bpd
21 Jan 2013
(MENAFN) The Joint Data Initiative’s (JODI) latest figures show that Saudi crude exports in November dropped by 124,000 barrels per day (bpd) to 7.154 million bpd, reported Arabian Business.
According to the JODI data, a 232,000 bpd decline in the country’s oil consumption and less demand overseas forced the Kingdom to reduce its output by 232,000 bpd in November on a monthly basis to 9.492 million bpd.
Saudi refinery intake went up by 53,000 bpd in the month, and the world’s largest crude oil exporter stored an average of 193,866 bpd of crude.
On the other hand, in December, the country lowered its output by 467,000 bpd to 9.025 million bpd, due to sluggish demand abroad, according to the Organization of the Petroleum Exporting Countries (OPEC).
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