• Saudi Arabia's oil exports rise to 10.19 million barrels per day in August


    Compared to 7.79 million barrels in July

    Saudi Arabia's oil exports rise to 10.19 million barrels per day in August​

      The latest official data published by the joint oil data initiative ' Judy ' today that Saudi Arabia has increased its crude oil exports 325,000 barrels per day in August, compared with July to 7 791 million barrels. According to Reuters, Saudi government official showed data available via the website of the initiative that the largest oil exporter in the world produced 10.19 million barrels of crude in 2008, an increase of 156 barrels a day from July. Saudi efforts contributed to partly offset the large decline in Libyan production because of unrest that caused decreased production of organization of petroleum exporting countries (OPEC) in total. According to the International Energy Agency, Saudi Arabia to raise production in September, the highest production records, so that harvested more than a billion dollars a day from crude oil export revenues to the States of the world. Kuwait and the United Arab Emirates also registered a record output this summer, with an average of about 2.8 million barrels a day.
    In August last year produced three Gulf countries accounted for 17.1 percent of world demand, with Agency data indicate that the share during the 30 years of only 18 percent. Jean Stewart, head of research of energy commodities at Credit Suisse: ' no matter what happens in the United States, the Gulf remains essential for the global oil trade. It was that triggered the jump in production in the Gulf is the interruption of supplies, where workers and militia strikes to reduce exports of about 1 million barrels per day to very low amounts. It seems that this reliance on the Gulf is increasing, the three countries have increased production in the past year, while sanctions to curtail Iran's exports by 1 million barrels a day, while the Libyan oil industry stopped during the uprising in 2011, Saudi Arabia at that time also

    For oil-consuming countries such as the United States, the largest importer of oil in the world, India and China, it revolves around whether to spare production capacity of Gulf countries able to continue production at these levels or even increase production in case of continued disruption of supplies. According to the International Energy Agency estimates, even when it is the Saudi production at current levels, still has spare capacity of more than 2 million barrels a day.

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