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Saudi Arabia’s crude exports reach highest in 2013

Industry

Saudi Arabia’s crude exports hit a record high in 2013, according to Joint Organizations Data Initiative (JODI)

The country, reportedly the world’s largest crude exporter, had shipped 7.54mn bpd on average last year, up from 7.41mn bpd in 2012, it said.

The monthly exports in 2013 peaked at 7.84mn barrels a day in August, the most since April and May of 2003.

However, Saudi Arabia’s average crude production declined in 2013 from the previous year even as the nation boosted exports, JODI data added.

The country had pumped 9.63mn bpd on average in 2013 as compared to 9.76mn bpd in 2012.

John Sfakianakis, chief investment strategist at Riyadh-based MASIC, said, “This tells me that Saudi Arabia needed to sell more crude to meet an increase in fiscal spending.

“With Brent oil prices now stable around the same levels for the past three years, the only way to increase the country’s revenues is by exporting more crude.”

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