News Column

Value of Saudi oil exports hit SR747bn in 8 months

September 3, 2014

Arab News, Jeddah, Saudi Arabia

Sept. 03--RIYADH -- Saudi Arabia's oil exports reached 1.84 billion barrels in the first eight months of the current year (2014) with proceeds amounting to SR747 billion, local media said quoting an expert.

Meanwhile, domestic consumption during the same period reached nearly 553 million barrels, or 23 percent of the total output, Fahad bin Jumaa was quoted by Al-Riyadh daily.

The above figures came on the back of statements made by Saudi Aramco CEO Khalid Al-Falih that his company is planning to invest SR40 billion (SR150 billion) in the next 10 years to main stability in oil production and double gas production, the daily said.

Jumaa said the last few weeks had witnessed a substantial drop in oil prices at global level in light of geo-political developments and economic sanctions imposed by the US and the European Union (EU) countries on Russia.

Global oil supplies are still abundant and, accordingly, demand tends to be weak.

Oil supplies of the Organization of Oil Exporting Countries (OPEC), however, remain strong than ever before with a record of 30.44 million barrels per day (mbpd) in July supported by the Saudi increased production, he said.

He said West Texas crude oil continued to register low prices to reach $ 93.65 per barrel last week and, likewise, Brent crude dropped to $ 102.29, leaving a price gap of $ 8.64. Similarly, price of OPEC oil basket dropped to $ 99.52 same week, he said.


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Source: Arab News (Saudi Arabia)

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