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FINANCIAL NEWS
Saudi reduces Sep oil output to 9.3m bpd
09 Oct 2011
(MENAFN) Saudi Oil Minister, Ali al-Naimi, said that last month, the country reduced its oil output to 9.3 million barrels per day (bpd) from 9.8 million bpd in the previous month, reported Emirates 24/7.
Al-Naimi added that in July, Saudi oil output declined to 9.60 million bpd from around 9.8 million bpd in June when the country boosted its production by around 900,000 bpd in order to offset the shortage in Libyan supplies.
He also said that the International Energy Agency (IEA) estimated that the country’s power sector crude demand from April to September last year averaged 676,000 bpd, dropping to 398,000 bpd in the cooler six months of last year.
It is worth noting that Saudi’s own oil demand for power generation surges in the hot summer months with higher demand over air conditioning.
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