• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 5 hours US after 4 more years of Trump?
  • 1 hour Famine, Economic Collapse of China on the Horizon?
  • 3 hours Something wicked this way comes
  • 3 hours Why NG falling n crude up?
  • 3 hours Permian in for Prosperous and Bright Future
  • 4 hours Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 days Daniel Yergin Book is a Reality Check on Energy
  • 3 days Gepthermal fracking: how to confuse a greenie
  • 3 days YPF to redeploy rigs in Vaca Muerta on export potential
  • 1 day The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 5 hours Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 7 hours Biden NOW says he supports Fracking
  • 2 days Open letter from Politico about US-russian relations
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