• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 31 mins Shale Oil will it self destruct?
  • 1 hour NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 6 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 5 hours South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 13 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 12 hours U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 46 mins Germany exits coal: A model for Asia?
  • 18 mins Starlink Internet Courtesy of Tesla
  • 1 day Rising air pollution and green house effect
  • 1 day Oil Price Could Fall To $30 If Global Deal Not Extended
  • 2 days Is This The End of BBQ?
  • 1 day U.S. Economic Expansion: Rich Get Richer
  • 15 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
Alt Text

The Oil Crisis Saudi Arabia Can't Solve

Despite Saudi assurances that oil…

Alt Text

Increasingly Weak Demand Outlook Caps Oil Prices

Another downgrade in global crude…

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

Premium Content

Saudi Arabia Announces Record High Oil Exports In June

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:




Download The Free Oilprice App Today

Back to homepage


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
Download on the App Store Get it on Google Play