Rising Saudi crude exports leaves domestic stocks at 17-year low
Saudi Arabia’s crude exports rose to a seven-month high in November and, with production capped by the OPEC+ agreement, domestic stockpiles ended the month at a 17-year low, according to data from the Joint Organisations Data Initiative.
Shipments from the OPEC kingpin ticked up to 6.35 million b/d from 6.16 million b/d in October, the data released Jan. 20 showed. With production holding at 8.97 million b/d just below its OPEC+ quota Saudi Arabia’s domestic crude stockpiles fell by 1.2 million barrels in November to 143.43 million barrels, the lowest since November 2003.
By Chineme Okafor
The Organisation of Petroleum Exporting Countries (OPEC) has predicted that up to 8.6 million barrels (mb) of daily global oil demand could be wiped out in 25 years by improved fuel-efficient practices.
OPEC’s Secretary General, Dr. Mohammad Barkindo stated this in a speech he delivered at the 31st Meeting of the Energy Charter Conference which held recently in Azerbaijan via videoconference.
“If we look at OPEC’s recently published World Oil Outlook 2020, oil demand in the transportation is an illustrative example. Between 2019 and 2045, improved fuel efficiency is expected to be responsible for a decline in demand of 8.6 mb/d.
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