Oil worth US$25bn was exported by the Saudi Arabian government in January 2014, according to economic expert Fahad bin Jumaa
Domestic consumption in January stood at nearly 58.9 mn barrels, or 20 per cent of the total output, quoted Saudi Arabian media.
The International Energy Agency (IEA) has predicted that global demand in oil would go up by 1.3 mn barrels per day (mbpd) in 2014. Oil production in the United States alone will increase by 782,000 bpd to reach 8.3 mbpd in 2014, according to Jumaa. The US Energy Information Administration (EIA) states that oil production in the country would jump from 7.5 mbpd in 2013 to 8.5 mbpd in 2014.
Jumaa added that the average global demand for crude oil produced by the Organisation of Petroleum Exporting Countries (OPEC) is expected to hover around 29.58 mbpd in the current year due to surplus supply from non-OPEC member countries.
