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FINANCIAL NEWS
Saudi oil production increases to 9.813m bpd in June
19 Aug 2011
(MENAFN) Saudi Arabia’s Oil Minister Ali al-Naimi stated that Saudi oil production grew to 9.813 million crude barrels per day (bpd) in June, with an increase of 918,000 bpd from May, reaching its highest level since 2002, reported Arabian Business.
The minister added that the restart of Rabigh refinery caused an increase in internal demand for crude which led to another increase in Saudi exports of oil. However, in spite of the big output of June, Saudi sales hit 10 million bpd, which were still less than figures usually reported before 2005.
On the same matter, the heavy reliance on local crude negatively affected summer production of the Kingdom.
As for other gulf countries, UAE output decreased from 2.646 million bpd in May to 2.611 million bpd in June, while Kuwaiti oil production increased from 2.55 to 2.60 million bpd for the same period.
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