Arab Today, arab today saudi arabia ups oil output to 889m bpd
Last Updated : GMT 00:31:57
Arab Today, arab today
Arab Today, arab today

Saudi Arabia ups oil output to 8.89m bpd

Arab Today, arab today

Arab Today, arab today Saudi Arabia ups oil output to 8.89m bpd

Riyadh - Arabstoday

Saudi Arabia, the world\'s largest crude exporter, produced 8.89 million barrels a day of oil in May, up 0.8 per cent from April, amid reduced demand from Asia, figures from the Joint Organisation Data Initiative showed. The kingdom exported 6.84 million barrels a day in May, an increase of 1.2 per cent from the previous month, according to figures posted yesterday on the data initiative\'s website. The statistics for Saudi crude oil output include high-value condensates but exclude natural gas liquids, the website said. \"The slight increase in both production and exports doesn\'t surprise me, as global oil markets were well supplied in May,\" John Sfakianakis, the chief economist at Riyadh-based Banque Saudi Fransi, said in a telephone interview. \"If Saudi Arabia needs to keep production at a high level this summer, it will be due to higher local consumption and not higher global demand.\" The joint initiative is supervised by the Riyadh-based International Energy Forum, a group of 86 countries, and compiles data supplied directly by member governments. Its figures for Saudi production in May and April are smaller than those that Opec disclosed on July 12 in the producer group\'s latest monthly oil-market report. The Organisation of Petroleum Exporting Countries said Saudi Arabia, its biggest producer, pumped 8.96 million barrels a day in May and 8.78 million barrels a day in April. Opec\'s report cites secondary sources, such as analysts and news agencies, for its information, whereas the Joint Organisation Data Initiative, or JODI, relies on primary sources. Saudi Arabia proposed at Opec\'s most recent meeting on June 8 that the group boost its production target by 1.5 million barrels a day. Opec\'s 12 members could not agree, with Libya, Angola, Ecuador, Algeria, Iran and Venezuela all opposing the Saudi plan, Saudi Arabian oil minister Ali al-Naimi said at the time. He pledged that his country would help keep markets well supplied independently of Opec. \"Contrary to the belief of many analysts that Saudi Arabia had to increase output to a record level, the data show that the markets may not need all this crude at the moment,\" Sfakianakis said. Japan, South Korea, and India all reduced crude imports in May, according to JODI data. Japan and South Korea, together with China, are Saudi Arabia\'s biggest customers in Asia. Japan and South Korea each cut May imports by 13 per cent, the data showed. China did not submit May information to JODI. Saudi Arabia had ample stockpiles of crude at the beginning of May, and this was a contributing factor in its decision not to increase output more steeply, Sfakianakis said. Saudi inventories dropped to 238.6 million barrels, down 7.5 per cent from April, reaching their lowest level in 15 months, according to JODI data. From / Gulf News

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 ups oil output to 889m bpd Arab Today, arab today saudi arabia ups oil output to 889m bpd

 



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 ups oil output to 889m bpd Arab Today, arab today saudi arabia ups oil output to 889m bpd

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Airbus CEO says won't cling to job

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job
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 'Final phase' of battle for Raqa

GMT 03:47 2017 Monday ,16 October

'Final phase' of battle for Raqa
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms
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 Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Norway seeks 'Tesla tax' on electric cars

GMT 08:17 2017 Friday ,13 October

Norway seeks 'Tesla tax' on electric cars
Arab Today, arab today Safaa Sultan happy for “Love School”

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”
Arab Today, arab today Conservation cutbacks put Brazil's

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:19 2017 Wednesday ,11 October

Bosy reveals behind her participation in festival

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:20 2017 Thursday ,12 October

Chad extends key conservation area

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:16 2017 Friday ,13 October

Lufthansa to swallow lion's share

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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