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FINANCIAL NEWS
Saudi March oil production down to 9.136m bpd
20 May 2013
(MENAFN) According to the Joint Oil Data Initiative (JODI), Saudi oil output fell by 14,000 barrels per day (bpd) in March from a month before, reaching 9.136 million bpd, reported Arabian Business.
Meanwhile, crude exports declined by 34,000 bpd from February, to 7.42 million bpd.
JODI attributed the drop in exports to higher use of oil for power generation.
It added that on monthly basis, the Kingdom increased the use of oil to generate power by 74,000 bpd to 368,000 bpd.
It is worth noting that Saudi raises oil use for power generation from February to June as higher temperatures boost demand for air-conditioning.
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