Saudi Oil Exports Fetch SR87 Billion in 2 Months

Saudi Arabia exported nearly 466.6 million barrels of crude oil in the last two months of the current year with proceeds amounting to SR 87.5 billion, local media said quoting an economic expert.

Domestic consumption during the same period reached nearly 150 million barrels, or 20 percent of the total output, Fahad bin Jumaa was quoted as saying by Al-Riyadh daily.

The above figures come amid confirms from the Organization of Petroleum Exporting Countries (OPEC) that oil prices will rebound in the second half of the current year, the daily said.

Jumaa said average prices of April contracts for Nimex and Brent types are poised to stabilize at $ 50 and $ 58.40 per barrel, respectively, but, however, price gaps between the two types are averaged at $9.3.

Contracts for the next nine months of the current year indicate that prices of Nymex and Brent will be averaged at $54.6 and $61.8 per barrel, respectively, thus bringing price gaps to $7.2, he said.

The economic expert said some factors are putting pressures on oil price, including weak global economic growth, big oil surpluses (supplies) and the strong price of dollar against other currencies.


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