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Saudi Arabia’s oil export hits 1.38 billion barrels in first half of 2014

Industry

Saudi Arabia has exported around 1.38bn barrels of oil in the first six months of 2014 that yielded US$150.5bn, according to an economic expert

Local consumption in the Kingdom is projected to hit 395mn barrels, or 22 per cent of the total production, during the same period, Fahad bin Jumaa told Al-Riyadh Arabic daily.

He said that the figures come at a time when OPEC (Organization of Petroleum Exporting Countries) is poised to shrink its share of the global market for the third consecutive year by 2015 for a number of reasons, including boom of shale oil in the US despite acceleration of global demand on oil.

OPEC expects that oil demand would rebound next year with the acceleration of global economic growth and, accordingly, oil consumption will increase by 1.21mn bpd compared to 1.13mn bpd in the current year, reports added.

However, non-OPEC countries are expected to pump an additional of 1.31mn bpd next year.

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