• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 5 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 4 hours The Quick Read On MBS's Tour of Pakistan, India And China
  • 3 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 3 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 5 hours Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 4 hours BMW to add 2,000 more jobs at Dingolfing plant
  • 6 hours Venezuela: Nicolas Maduro closes border with Brazil
  • 21 hours Itt looks like natural gas may be at its lowest price ever.
  • 6 hours Saudi A to Splash $100 Bln on India
  • 23 hours Amazon’s Exit Could Scare Off Tech Companies From New York
  • 2 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 14 hours NEW FERUKA REFINERY
  • 8 hours Washington Eyes Crackdown On OPEC
Alt Text

EIA Inventory Report Pushes Oil Prices Lower

Oil prices fell somewhat on…

Alt Text

Demand Concerns Drive Oil Markets

WTI crude futures are trading…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Saudis To Pump More Crude Oil In The Next Three Months

Saudi Arabia will boost its crude oil production in the coming months as it expects stronger demand, Oil Minister Khalid al-Falih said this weekend, as quoted by S&P Global Platts, after President Trump last week lashed out at OPEC again for allowing prices to rise too high.

Al-Falih added, however, that production levels will be determined by customer demand and will not be a concerted effort to influence prices. Many would smile ironically at this statement, but it has been Riyadh’s official line that demand is the only factor determining production.

Saudi Arabia pledged in June to increase its crude oil production to help rein in prices, but July saw disappointing daily figures at 10.29 million bpd. In August production rose further, to 10.42 million bpd and this month, said Al-Falih, it will be even higher.

"Our plan is to respond to demand. If demand [for Saudi crude] is 10.9 million b/d you can certainly take it to the bank that we will meet it. But the demand is 10.5 million b/d or 10.6 million b/d. I think October will be more than this," Al-Falih said, speaking on the sidelines of an OPEC meeting in Algiers.

The minister said some clients were already asking for more shipments than they had originally contracted with Aramco, and Al-Falih assured them these additional shipments will be made. At the same time, the Kingdom is stocking up on crude oil at home at abroad, even though overall inventories have been falling sharply recently, raising doubts about Saudi Arabia’s statements that it has enough spare capacity to respond to higher demand after the Iran sanctions kick in in November.

Data from the Joint Organizations Data Initiative showed Saudi Arabia had about 229 million barrels of crude in stock as of July—the lowest since October 2009, S&P Global Platts notes. In July, drawdowns from these inventories averaged 178,000 bpd, up from just 15,000 bpd in the previous month and additions of 30,000 bpd in May.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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