Saudi Arabia’s Oil Exports Fell in August

Saudi Arabia’s crude oil exports in August fell to 7.305 million barrels per day from 7.622 million bpd in July as the world’s largest oil exporter pumped less, the kingdom has told an influential data base.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website on Tuesday.

After the kingdom pumped a record high 10.673 million bpd in July due to summer demand and requests from customers, its August output dropped to 10.630 million bpd.

Crude oil used to generate power rose 42,000 barrels per day in August to 739,000 barrels per day.

Saudi Arabia’s oil inventories peaked last October at a record high 329.430 million barrels but have declined to meet domestic demand without affecting exports.

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza