Arab Today, arab today saudi arabia likely to raise crude output in q2
Last Updated : GMT 09:09:51
Arab Today, arab today
Arab Today, arab today

Saudi Arabia likely to raise crude output in Q2

Arab Today, arab today

Arab Today, arab today Saudi Arabia likely to raise crude output in Q2

Riyadh - Agencies

Saudi Arabia expects to raise its oil output in the second quarter to satisfy higher demand from China and feed economic recovery elsewhere, oil industry sources said. The Kingdom kept production steady at around 9 million barrels per day (bpd) in January and sources say production has since hovered around that level because buyers have not asked for more. Saudi cut production sharply in the fourth quarter of last year because of weak economic growth abroad and lower seasonal consumption during cooler weather at home. But exports are expected to rise again in the second quarter, driven by growth in Asia, one industry sources said. “There are positive economic indicators in the second quarter and demand is picking up from China and if things stay the same there will be more supply coming from Saudi for sure,” the oil industry source said. “Saudi Arabia always responds to demand, not prices,” the source said, adding that any increase in production for export would probably be modest. Saudi production in December and January was more than a million barrels below its peak of last summer, when the kingdom’s own oil use soars to meet rising air conditioning demand. Domestic oil use is likely to rise again in the second quarter, putting upward pressure on production whatever happens to export demand. A second oil industry source said that the kingdom planned to raise production to meet increased demand for exports, but declined to say when or by how much. “Demand for Saudi oil will reflect the increase in global oil demand,” the source said, hinting that demand could rise after refineries return from spring maintenance. With Europe still mired in debt and the US consuming more of its own oil, Chinese demand is the main driver of Saudi oil export demand. China imported 1.08 million barrels a day of crude from Saudi Arabia in 2012, up 7.24 percent from 2011 and state-run CNPC expects China’s total net imports of crude to rise to about 5.78 million bpd, 7.3 percent higher than 2012. OPEC’s leading producer and holder of the world’s only significant spare capacity slashed its output by around 700,000 bpd over the last two months of 2012, helping drive a rise in crude prices since early December. Saudi oil ministry adviser Ibrahim Al-Muhanna said on Jan. 14 that the cuts came in response to lower Saudi domestic and export demand. Brent oil traded near $ 117.40 barrel yesterday after posting last week its first weekly loss since early January. Crude has risen from $ 109.50 since the start of the year. According to official Saudi government figures published through the Joint Oil Data Initiative (JODI), Saudi oil demand for power generation rose by 356,000 bpd from March to June 2011 and by 401,000 bpd from March to June 2012. So even if demand for exports does not increase in the second quarter, Saudi production is likely to rise to meet its own demand for electricity, although this year’s surge in oil burning should be tempered by more gas being made available for power generation. Chinese customs will release January 2013 import figures later this week.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi arabia likely to raise crude output in q2 Arab Today, arab today saudi arabia likely to raise crude output in q2

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi arabia likely to raise crude output in q2 Arab Today, arab today saudi arabia likely to raise crude output in q2

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday