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Saudi Slowed Crude Oil Production Exports in December

Source: Bloomberg 2/19/2012, Location: Middle East

Saudi Arabia (OPCRSAUD), OPEC’s largest crude producer, reduced oil output and exports in December from November when it produced the most in more than 30 years, according to the Joint Organization Data Initiative. The country reduced output by 237,000 barrels a day or 2.4 percent to 9.81 million barrels a day of crude compared with 10.047 million in November, statistics posted today on JODI’s website show. The kingdom’s exports were cut 7.36 million barrels a day from 7.8 million barrels, according to the figures, which include condensates and exclude natural-gas liquids.

The initiative is supervised by the Riyadh-based International Energy Forum and compiles data provided by member governments.

Saudi Arabia’s crude-oil consumption fell by 5.9 percent in December from the previous month, according to JODI. The world’s largest exporter of crude used an average of 1.73 million barrels a day of oil in December, compared with 1.84 million barrels in November. The kingdom’s oil consumption has grown at an average of 4.8 percent a year in the past five years, Riyadh- based Jadwa Investment Co., said in December.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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