Saudi Arabia exported nearly 1.59 billion barrels of crude oil in the last 7 months worth SAR 6 57.2 billion.

Mr Fahad bin Jumaa an economic expert said that local consumption stood at 535.6 million barrels or 25% of total production. Saudi Arabia's oil production is still running within the range of 10 million barrels per day based on the improved price of Arabian Light crude in July compared to June and coupled with the continued decline of Iran's oil production to 3.2 million barrels per day in June.

Iran's oil production dropped by 0.62% in July following sanctions imposed by European Union countries on the country. The Kingdom remains the largest oil exporter to China whose exports jumped by 26.1% or 1.2 million barrels per day due to the improvement of downstream industries in July in the country.

However, China's economy, as seen by the International Monetary Fund needs further reform and its currency has to be rebalanced to achieve better growth and minimize risks.

Economic analyst Mr Naif Al-Eid said that global expectations will reflect the fluctuations of oil prices during the coming days but will not go below USD 100 per barrel price preferred by oil producing countries. The increased risk produced by the closure of the Hormuz Strait and possible application of incentive plans in the US and European economies will make it difficult to keep oil prices below USD 100 per barrel.

Meanwhile, a report released by Petroleum Policy Intelligence said Saudi Arabia increased its oil production to 10.3 million barrels per day in July an increase of 445,000 barrels per day compared to May figures.

Source - Arab News

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