Bloomberg News

Saudi Arabian Oil Exports Rise on Refinery Cuts, JODI Data Show

November 18, 2012

Saudi Arabia’s crude oil exports rose in September to 7.28 million barrels a day as local refineries cut processing by 14.6 percent, according to the Joint Organizations Data Initiative.

The world’s largest crude exporter shipped 2.9 percent more crude while producing 0.3 percent less oil than it did in August, according to data posted today on JODI’s website. Saudi Arabia pumped 9.72 million barrels of crude a day in September, the data showed.

Refineries in the kingdom processed 1.68 million barrels a day, down by 287,000 barrels a day from August, JODI said, citing statistics the Saudi government submitted to the Organization of Petroleum Exporting Countries.

Saudi Arabia, the largest producer in OPEC, stored 269.3 million barrels of crude within its borders in September, up from 269.1 million a month earlier, the data show. The country, which burns crude to produce electricity and desalinate water, is seeking increasingly to use natural gas as a substitute fuel. By doing do, the government plans to free up more crude for sale overseas, where the commodity can sell at higher prices than it does at home.

JODI, supervised by the Riyadh-based International Energy Forum, uses statistics supplied by national governments to compile data on production, imports and exports for oil- producing and consuming nations. The data include crude oil and condensates and exclude natural gas liquids.

To contact the reporter on this story: Wael Mahdi in Manama at wmahdi@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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