Saudis raise crude oil exports, output
Baku, Azerbaijan, Oct.22
By Leman Zeynalova – Trend:
Saudi Arabia’s crude oil production rose from 10.288 million barrels per day in July 2018 to 10.412 million barrels per day in August, according to the report of the Joint Organizations Data Initiative (JODI).
The country’s oil export stood at 7.214 million barrels per day in August 2018, as compared to 7.118 million barrels per day in July 2018, said the report.
Saudi Arabia’s Energy Minister Khalid A. Al-Falih earlier said that the country’s daily oil output for October stands at 10.7 million barrels. He noted that in the case of necessity, this figure can reach 12 million barrels per day.
The minister pointed out that the uncertainty with regard to world oil supply still continues. The sanctions to be imposed on Iran starting from Nov.4 and the supply cuts from some other countries also contribute to this uncertainly, according to Al-Falih. Therefore, the minister believes it is not ruled out that oil prices can surpass $100 per barrel in 2019.
Saudi Arabia has undertaken the largest cut in oil output (486,000 barrels per day) among the participants of the OPEC deal signed last year in Vienna.
Earlier, OPEC and several other non-OPEC producers reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November last year.
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