Saudi Arabia Ups November Oil Exports To 7-Million Bpd

11 Oct 2017   Saudi Arabia

Saudi Arabia plans to export 7.1 million barrels of crude daily next month, substantially more than what it said it would ship abroad from August this year on, a spokesman for the Energy Ministry of the Kingdom said in a statement. Still, the statement read, the November allocations were below demand from clients, which came in at 7.711 million bpd. Riyadh, committed to the OPEC oil production cut deal, would not respond to this full demand. In September, the Kingdom shipped “below 6.7 million bpd,” the statement read, which is higher than its August target of 6.6 million bpd. For October, state energy giant Aramco said it cut international allocations by 350,000 bpd , presumably from its September levels. The 7.1 million bpd export level for November is a significant increase from the 6.6 million bpd self-imposed cap in August. The higher exports expected in November are in line […]

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