• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 2 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 9 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 10 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 36 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 4 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 1 hour China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 16 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 2 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 23 mins US to Drown the World in Oil
  • 16 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 16 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 15 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 2 hours LA Solar Power/Storage Contract
  • 14 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 hour Iran Is Winning Big In The Middle East

Saudi Arabia Ups November Oil Exports To 7-Million Bpd

Oil

Saudi Arabia plans to export 7.1 million barrels of crude daily next month, substantially more than what it said it would ship abroad from August this year on, a spokesman for the Energy Ministry of the Kingdom said in a statement.

Still, the statement read, the November allocations were below demand from clients, which came in at 7.711 million bpd. Riyadh, committed to the OPEC oil production cut deal, would not respond to this full demand.

In September, the Kingdom shipped “below 6.7 million bpd,” the statement read, which is higher than its August target of 6.6 million bpd. For October, state energy giant Aramco said it cut international allocations by 350,000 bpd, presumably from its September levels.

The 7.1 million bpd export level for November is a significant increase from the 6.6 million bpd self-imposed cap in August.

The higher exports expected in November are in line with seasonal expectations. The Kingdom can now more easily respond to this demand despite production cuts, as the end of summer season, and the resulting lower domestic demand, frees up more crude for exports. The summer is peak oil demand season in the Middle East.

Saudi Arabia, OPEC’s de facto leader and pace-setter in the output cut agreement, pledged to cut 486,000 bpd from its daily output from a reference level of 10.544 million bpd. The Kingdom outdid itself in a bid to motivate the rest of OPEC’s members to stick to their quotas, at one point announcing production of below 10 million bpd.

OPEC is meeting on November 30 in Vienna to discuss how to proceed with the agreement. Earlier this week, the cartel’s head, Mohammed Barkindo, said that OPEC may have to resort to “extraordinary measures” to rebalance the oil market, without going into any detail about what these measures might involve.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play