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Saudi Arabia reduces oil exports

Oil&Gas Materials 18 February 2013 17:47 (UTC +04:00)

Azerbaijan, Baku, Feb. 18 / Trend A. Taghiyeva /

Saudi Arabia reduced oil exports by 92,000 barrels per day to 7.062 million barrels per day in December 2012 compared to the previous month, a statement posted on the website of Saudi Arabia's Oil Ministry said on Monday.

The reason for the supply reduction was the decline in the demand for crude oil in the world market.

Moreover, Saudi Arabia reduced oil production by 46,000 barrels per day to 9.060 million barrels of oil per day in December last year compared to the previous month.

Over this month, oil consumption on Saudi Arabia's domestic market was 5.816 million barrels per day.

Saudi Arabia has 25 per cent of the world's oil reserves. Oil exports gives the country 90 per cent of its export earnings, 75 per cent of budget revenues and 45 per cent of the GDP.

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