SAUDI STILL PUMP­ING OIL

Qatar Today - - BUSINESS > OIL & GAS -

Saudi Ara­bia's oil ex­ports climbed in July to a record level for that month, as the King­dom curbed the amount of crude it burns to gen­er­ate en­ergy do­mes­ti­cally, ac­cord­ing to the Joint Oil Data Ini­tia­tive.

The world's big­gest oil pro­ducer raised ship­ments by 166,000 bar­rels a day to 7.622 mil­lion a day in July com­pared with the pre­vi­ous month, ac­cord­ing to Riyadh-based JODI, whose records be­gan in 2002. It re­duced the amount of crude di­rectly used for power gen­er­a­tion by 7,000 bar­rels a day to 697,000 a day, the low­est for the time of year since 2010.

Saudi Ara­bia has been boost­ing its nat­u­ral gas out­put to limit the di­rect burn­ing of crude, which peaks in the sum­mer months with surg­ing use of air con­di­tion­ing. The ramp-up of out­put from the Wa­sit nat­u­ral gas plant should de­crease the di­rect use of crude by 100,000 bar­rels a day this year, the In­ter­na­tional En­ergy Agency pre­dicted in July. The July fig­ure is 151,000 bar­rels a day lower than a year ear­lier, JODI data show. Saudi Ara­bia has now agreed to cut on pro­duc­tion af­ter the OPEC deal in Al­ge­ria.

Newspapers in English

Newspapers from Qatar

© PressReader. All rights reserved.