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English news

21-Nov-2016

Saudi Arabia Oil production edges up M-o-M, approaching July record high

Saudi Arabia crude oil production edged up 0.2% M-o-M to 10.65 mbd in September, approaching July’s record high of 10.67 mbpd, after falling 0.4% M-o-M in August. The Kingdom added 507,000 bpd to its crude oil exports in September - a 6.9% M-o-M jump to 7.81 mbpd, after falling 4.2% M-o-M in August. Crude oil exports also soared on annual basis to 9.9% Y-o-Y from 4.4% Y-o-Y in August. Crude oil stocks depletion accelerated, dropping 0.8% M-o-M in September from 0.2% M-o-M in August, but edged down on an annual basis to fall 13.6% in September from 14.0% in August. Other data shows direct crude and fuel oil burn sharply dropping 23.4% M-o-M to 1.04 mbpd in September after growing 13.7% M-o-M in August, while consumable oil burn declined 5.2% M-o-M to 1.43 mbpd after growing 7.2% in August. (JODI)

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