Saudi Arabia Oil Exports Average 5.88 MM b/d

Thursday, 26th September 2019
by Editorial Team

Haradh, SAUDI ARABIA: A general view shows a new plant inaugurated 22 March 2006 in Haradh, about 280 kms (170 miles) southwest of the eastern Saudi oil city of Dhahran, launching a project adding 300,000 barrels of oil to the kingdom’s daily production capacity. The facility which was opened today in a ceremony attended by Saudi Oil Minister Ali al-Nuaimi was completed in January, ahead of schedule, the company said. Approximately 160 kms (100 miles) of new pipeline and extensions will transport crude and gas products to processing facilities further north in the Eastern Province, a statement said. Saudi Arabia, the world’s top crude producer and exporter, currently pumps around 9.5 million bpd of oil and has a production capacity of around 11 million bpd. AFP PHOTO/STR (Photo credit should read -/AFP/Getty Images)

Saudi Arabia’s oil exports have decreased following the recent attacks on major facilities, Reuters reported.

Crude oil exports from Saudi Arabia averaged 5.875 million barrels per day (b/d) in the 10 days that followed the attacks, which took place on September 14, declining by around 1.494 million b/d, compared with its level during the first 13 days of the month of September.

Other estimates showed that Saudi crude loadings averaged 6.054 million b/d in the 10 days after the attack, dropping by about 1.685 million b/d. A drop of about 300,000 b/d is expected for September production figures, compared to the level of production recorded in August.

Meanwhile, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammed Barkindo said that Saudi Arabia’s quick moves to restore output have been crucial to curbing oil price volatility.