How would $ 6 a Gallon sound Mr.President?Saudi Arabia cuts oil output, export.(CNBC).(BusinessWeek).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.
Saudi Arabia’s crude-oil consumption fell by 5.9 percent in December from the previous month, according to JODI. The world’s largest exporter of crude used an average of 1.73 million barrels a day of oil in December, compared with 1.84 million barrels in November. The kingdom’s oil consumption has grown at an average of 4.8 percent a year in the past five years, Riyadh- based Jadwa Investment Co., said in December.
The IEA said in its January monthly report that Saudi output was pegged at 9.85 million barrels a day. The IEA estimated January’s output for Saudi Arabia to be the same as December’s.
The Paris-based agency estimated Saudi Arabia’s spare capacity for December at 2.15 million barrels a day, which makes about 75 percent of OPEC’s effective spare capacity during the month.
For the third month in a row, no details were available for the United Arab Emirates (UAE) and Libya, the immediate reasons for which are unclear. Hmmmm.......Is Saudi Arabia buiding up oil reserves for when needed?Read the full story here, more here.
No comments:
Post a Comment