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FINANCIAL NEWS
Saudi oil output to average at 9.6 mbpd in 2015
29 Jan 2015
(MENAFN) According to a new report by Jadwa Investment, a leading Saudi Arabian private equity house and investment bank, Saudi Arabia’s full year average crude production is projected to reach 9.6 million barrel per day (mbpd) in 2015, while declining slightly to 9.4 mbpd in 2016, Saudi Gazette reported.
The report added that Saudi Arabian consumption, including refinery intake and direct crude burn, averaged 2.5 mbpd, until November in 2014, up 25 percent as compared to the same period last year, with the increase attributed to the start-up of the 0.4 mbpd Satorp refinery, which pushed up refinery intake levels in 2014.
Meanwhile, Saudi Arabian crude production registered a minor decline by 1 percent in during the October-December period in 2014 to reach 9.6 mbpd, resulting in the average production to reach 9.7 mbpd in 2014.
In terms of the kingdom’s exports, Saudi exports to the US, which were steady at around 1.4 mbpd during the first half of 2014, dropped to below 1 mbpd during the July-December period of the year, while it continued to face competition in the Asian market with other Middle Eastern suppliers, resulting in the country cutting its official selling process (OSPs) to Asia.
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