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Saudi Arabia pumped more crude than Russia in August, JODI data shows 

BY WAEL MAHDI

MANAMA, Bahrain (Bloomberg) -- Saudi Arabia pumped more crude oil in August than Russia, the world’s largest producer, and boosted exports to the highest level in 14 months, according to the Joint Organisation Data Initiative (JODI).

The desert kingdom produced 10.2 million barrels a day in the month, 160,000 more than in July, and shipped 7.8 million, the most since June 2012, official data posted on JODI’s website showed today. Russia pumped 10.1 million barrels a day in August, according to the initiative.

The figures for both countries exclude natural gas liquids. Russia’s Energy Ministry reported the nation’s monthly crude and condensate output at 10.5 million barrels a day.

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 percent of global supply and consumption of oil and natural gas. Saudi Arabia is the world’s biggest crude exporter and the largest producer in OPEC.

Saudi Arabia burned 752,000 barrels a day of crude to generate electricity in August, less than in July and down from August 2012, JODI data showed. It more than tripled imports of fuel oil from a year ago to 139,000 barrels a day, according to the initiative.

Saudi refineries processed 1.55 million barrels a day of crude in August compared with 1.8 million in July and 1.97 million a year ago, the data showed.

Among other members of the Organization of Petroleum Exporting Countries (OPEC), Iraq, Kuwait, Venezuela, and Nigeria increased crude exports in August from July, while Qatar and Ecuador shipped less, according to JODI. Iraq, OPEC’s second producer, exported 2.58 million barrels a day, the data showed.

Angola kept exports unchanged for the month. Algeria, Iran, Libya, and the United Arab Emirates didn’t submit statistics for August.

10/21/2013

 

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