• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 8 hours WTI @ $75.75, headed for $64 - 67
  • 3 hours The Dirt on Clean Electric Cars
  • 11 mins Petrol versus EV
  • 9 mins EU to Splash Billions on Battery Factories
  • 7 hours The end of "King Coal" in the Wales
  • 7 hours These are the world’s most competitive economies: US No. 1
  • 16 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 14 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 5 hours E-mopeds
  • 16 hours Coal remains a major source of power in Europe.
  • 2 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 5 hours 10 Incredible Facts about U.S. LNG
Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Trending Discussions

Saudi Arabia Announces Record High Oil Exports In June

Saudi Tanker

Saudi Arabian crude exports rose in June to near-record-high levels, even as the country used less petroleum to generate electricity than the same month in 2015, according to new data released on Thursday.

The Kingdom’s crude exports increased to 7.456 million barrels a day, the highest for the month of June since 2012, when barrel prices were still experiencing a bull market.

Khalid al-Falih, Saudi Arabia’s new energy minister, had vowed in June not to increase production, however, the figures show increased outputs at accelerated rates.

In June, KSA produced 10.550 million barrels of oil in June, up from 10.270 million barrels in May, according to data from the Joint Organizations Data Initiative.

Saudi Arabia reported to OPEC earlier this month that it had pumped a record 10.67 million barrels in July.

Despite calls from other OPEC members, notably Algeria and Venezuela, to halt production and reverse the oil glut, Saudi Arabia has continued to increase output, in part to prevent Iran from regaining market share.

“The market share that Iran used to have globally, and the market share that Iran had within OPEC as a whole, fell dramatically between 2011 and 2013, and Saudi Arabia took much of that share,” Michael Cohen, an analyst at Barclays told The Financial Times.

Since international sanctions against Iran were lifted in 2015, Iran has rebuilt its production capacity to 3.85 million barrels per day – just below pre-sanctions levels.

The Iranian Oil Minister, Bijan Nambar Zangeneh, has previously rejected the possibility of entering a production freeze agreement with OPEC on the grounds that the country is still recovering from the effects of several years of sanctions.

Iran’s long-term production goal is to increase output to 4.6 million barrels a day within the next five years, though the national government awaits foreign interest in upstream investment, oilfield infrastructure and downstream processing facilities to make the effort a reality.

In total, Iran has listed 28 oil projects and 21 natural gas hopeful projects that if developed, will aid in meeting its output goal.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment
  • Kr55 on August 18 2016 said:
    Any updated info on Saudi crude stockpiles? Would be curious if they are still drawing to maintain their exports along with the huge power demands at home.
  • John on August 19 2016 said:
    Prices shouldn't be rising when Saudi continues to increase it's production and exports every month. I suspect we'll see $40/barrel again very soon if this trend continues regardless of hollow words.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News