Saudi Petroleum Exports Down to $104.5 B in H1

Saudi Petroleum Exports Down to $104.5 B in H1
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 petroleum export revenues declined by 3.96% Year-on-Year during H1 2019, according to a Mubasher survey.

Crude oil and petroleum product exports decreased by SAR 16.16 billion ($4.31 billion) to SAR 391.83 billion ($104.5 billion) down from SAR 407.98 billion ($108.8 billion) in H1 2018, which is mainly due to the decline in exports during the months of May and June on an annual basis, by 5.3% and 22.2%, respectively.

Average daily exports of Saudi oil fell in June to 7.997 million barrels per day (b/d), its lowest level in four years and a half, since December 2014. This also marked the first time Saudi oil exports went below the 8-million b/d level.

The Kingdom crude oil exports are expected to remain below the level of 7 million b/d in the months ahead. The level of production is set to stay below the 10 million b/d mark, despite that the Saudi production quota under the production cut agreement, sponsored by the Organization of the Petroleum Exporting Countries (OPEC), is at 10.3 million b/d.

It worth noting that Saudi Arabia’s oil production fell to 9.6 million barrels per day (b/d) in July, decreasing by around 200,000 b/d compared with June.

The Saudi Minister of Energy, Khalid Al-Falih, has recently assured that his country will continue with the production cuts until the end of Q1 2020.


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password