Saudi Oil Exports Fetch SR305bn in 6 Months
RIYADH: Saudi Arabia exported nearly 1.4 billion barrels of crude oil in the first six months of the current year with proceeds amounting to SR305 billion, local media said quoting an economic expert.
Domestic consumption during the same period reached nearly 428 million barrels, or 23 percent of the total output, Fahad bin Jumaa was quoted as saying by Al-Riyadh daily.
However, oil revenues dropped by 46 percent in the first half of the current year compared to figures of the same period last year, he said.
The expert said oil revenues of the Kingdom are expected to fall 36 percent in 2015 compared to 2014 if the price of Arabian Light remains at $62 per barrel. Future contracts for Nimex prices are poised to range between $59-62 per barrel whereas prices of Brent oil will range between $63-68 to year-end, he added.
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He said US oil stockpile dropped by 2.3 million barrels in the week ended on June 12, 2015, thus bringing the total commercial stockpile to 468 million barrels. Similarly, US oil production dropped by 21,000 barrels per day to 9.589 million barrels per day, he said.
For comparison, the Kingdom exported nearly 1.2 billion barrels of crude oil in the first five months of the current year with proceeds amounting to SR247 billion.