• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Why hydrogen economics is does not work
  • 34 mins The EU Loses The Principles On Which It Was Built
  • 2 hours Starvation, horror in Venezuela
  • 6 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 9 hours Crude Price going to $62.50
  • 1 day Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 5 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 19 hours Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Correlation does not equal causation, but they do tend to tango on occasion
  • 1 day Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 1 day Monsanto hit by $289 Million for cancerous weedkiller
  • 22 hours < sigh > $90 Oil Is A Very Real Possibility
  • 5 hours Saudi Arabia Cuts Diplomatic Ties with Canada
Alt Text

Something Strange Is Happening In The Saudi Oil Patch

According to Bloomberg, Saudi Arabia…

Alt Text

Shockwave In Shipping Could Send Brent Soaring

New IMO regulations for the…

Alt Text

Why Saudi Oil Production Suddenly Dropped

Oil prices jumped on Monday…

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:




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&#039;t be rising when Saudi continues to increase it&#039;s production and exports every month. I suspect we&#039;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