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FINANCIAL NEWS
Saudi reduces oil shipments
09 Jun 2012
(MENAFN) JBC Energy, the Austria-based research firm, stated that during the current month, Saudi Arabia has begun reducing oil exports due to rising global stocks, reported The National.
JBC Energy’s managing director, David Wech, added that the struggling economy in addition to relatively weak demand also contributed to Saudi’s move to cut oil shipments.
On the other hand, he said that during 2012’s second half, demand for Saudi crude will decline to 9.5 million barrels per day (bpd), nearly 500,000 barrels less than the country’s production in May.
It is worth noting that according to the Centre for Global Energy Studies, for the first time in 3 months, the Kingdom has also increased July prices of Arab Light, its main crude grade.
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