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Saudi Arabia Cuts Oil Output, Export: Industry Report

Posted By admin On February 20, 2012 @ 3:40 am In Money Watch | Comments Disabled

Yousef Gamal El-Din
CNBC [1]
February 20, 2012

The world’s top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by the Joint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data.

The OPEC heavyweight saw production decline by 237,000 barrels per day (bpd) from three-decade highs of 10.047 million bpd in November, the JODI data showed on Sunday.

The draw-down was sharper for the actual amount exported, declining by 440,000 bpd, or 5.6 percent, to come in at 7.364 million bpd, the data also showed. The level would still be similar to exports after a steep ramp-up last June.

In its monthly report on February 10, the IEA put Saudi Arabia’s production number for December slightly lower at 9.55 million bpd, a disparity of 260,000 bpd versus the JODI data.

Full article here [1]

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URLs in this post:

[1] CNBC: http://www.cnbc.com/id/46445698

[2] Saudi Arabia Raises Oil Output By 8% To Over 9 Million Barrels Per Day: http://www.prisonplanet.com/saudi-arabia-raises-oil-output-by-8-to-over-9-million-barrels-per-day.html

[3] Report: Saudi Arabia to buy nukes if Iran tests A-bomb: http://www.prisonplanet.com/saudi-nuclear-weapons.html

[4] Russia oil production overtakes Saudi Arabia: http://www.prisonplanet.com/russia-oil-production-overtakes-saudi-arabia.html

[5] Saudi Arabia wants missiles for Syrian rebels: report: http://www.prisonplanet.com/saudi-arabia-wants-missiles-for-syrian-rebels-report.html

[6] Saudi Plan to Boost Oil Output ‘Unfriendly’ – Iran: http://www.prisonplanet.com/saudi-plan-to-boost-oil-output-%e2%80%98unfriendly%e2%80%99-iran.html

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