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Saudi Arabia supplies less oil in Sept

by ChemOrbis Editorial Team - content@chemorbis.com
  • 28/10/2014 (15:57)
Saudi Arabia supplied less crude oil to the domestic and export markets in September when compared to August, according to media reports. No specific reasons were given for the drop in crude supply in September.

The major crude exporter supplied 9.36 million barrels/day in September, down 328,000 barrels/day from August while the country’s production was 100,000 barrels/day higher than the previous month. Saudi crude production was 9.7 million barrels/day in September.

Some OPEC members have been lately calling on Saudi Arabia to reduce its production in order to lift prices. Brent crude on the ICE Futures Europe exchange for December declined 30 cents to settle at $85.83/barrel on October 28 while NYMEX November crude futures also declined 1 cent on the same day to settle at $81/barrel after touching $79.44/barrel during intraday trading, the lowest since June 29, 2012.
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