Saudi Arabia’s oil exports reached 2.06 billion barrels in the first nine months of 2014 with proceeds amounting to SR830 billion ($221.33 billion), local media said quoting an economic expert.
Domestic consumption during the same period reached nearly 621.5 million barrels, or 23 percent of the total output, Fahad bin Jumaa was quoted as saying by Al-Riyadh daily.
The above figures come at a time when Petroleum and Mineral Resources Minister Ali Al-Naimi has calmed fears over the impact of drop of crude oil prices on the Kingdom’s crude production and the possible production cuts by the OPEC (Organization of Petroleum Exporting Countries) later in the year, the paper said.
A top Saudi Aramco official, meanwhile, was quoted as saying that his company is planning to invest $40 billion (SR150 billion) in the next 10 years to keep stability of oil production and double gas production, the daily said.
Jumaa said oil prices and Kingdom’s exports have dropped since the beginning of Q3 in July where prices of Brent remained below $100 per barrel since Sep 5 to reach $ 94.13, which is considered the lowest in more than two years.
The economic expert attributed price fall to a number of factors including volatility of OPEC supplies, production increase of the US, slowdown of global demand outside the US, resumption of Libyan oil production by 900,000 barrels per day, and improvement of Nigerian production to 1.9 million barrels a day.
Based on the supply and demand indications, Jumaa said Brent prices are expected to drop by $5-$10 per barrel to $80 in the next period.
The Kingdom, however, is expected to keep its current export levels regardless of production cut due to drop in local consumption as summer season is over, he said.