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Saudi Arabia crude exports reach eight-year high at 7.84 MMbopd

BY WAEL MAHDI

RIYADH (Bloomberg) -- Saudi Arabia ranked as the world’s largest crude producer in September, ahead of Russia for the second consecutive month, and exported more oil than in any month since November 2005, according to official data.

The desert kingdom produced 10.12 MMbopd , 70,000 bopd less than in August, and shipped 7.84 MMbopd in September, up from 7.8 million, statistics posted on the Joint Organisation Data Initiative’s website yesterday show. Russia pumped 10.08 million barrels a day in September, according to the JODI data.

The figures for both countries exclude natural gas liquids. Russia’s Energy Ministry reported separately on Oct. 25 that the nation’s monthly crude and condensate output was 10.53 MMbopd.

JODI is supervised by the Riyadh-based International Energy Forum and compiles data provided by member governments. The IEF’s member states, including the U.S. and China, account for more than 90% of global supply and consumption of oil and natural gas. Saudi Arabia is the world’s biggest crude exporter and the largest producer in the Organization of Petroleum Exporting Countries, which supplies about 40% of the world’s oil.

OPEC members Iraq, Kuwait, Venezuela, Qatar, Nigeria, Angola and the United Arab Emirates all reduced crude shipments in September from August, while Algeria and Ecuador shipped more, according to JODI. Iraq, OPEC’s second-biggest producer, cut exports by 20% to 2.07 MMbopd, the data showed. Iran, hampered by sanctions on its energy and financial industries, and Libya, where armed militia are challenging the government’s authority, were the group’s only members that didn’t submit statistics for either month.

Saudi Arabia burned 658,000 bopd of crude in power plants to generate electricity in September, less than in August and down also from 12 months earlier, JODI data showed.Saudi refineries processed 1.51 MMbopd of crude in September compared with 1.55 million in August and 1.68 million a year ago, the data showed.

Saudi Arabia boosted its October oil exports by 300,000 bopd from September even as it produced less, according to a person with knowledge of the kingdom’s output policy. The country increased the proportion of exports as cooler weather and greater gas supply enabled it to use less crude for electricity generation, the person said. Power consumption peaks in the hot summer months when the need for air-conditioning surges.

Saudi Arabia’s oil production fell to 9.75 million barrels a day in October, down from 10.12 million a day in September, this person said. Some 50,000 barrels a day went into storage last month, while 9.7 million barrels a day was split between exports and local consumption, the person said, without providing further detail.

11/18/2013

 

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