Saudi Arabia’s August crude output rose to 10.4 mln bpd

02/09/2018 Argaam

 

Saudi Arabia’s crude oil production increased to 10.424 million barrels per day (mbd) in August, up from 10.288 mbd in July, media outlets reported citing an unnamed OPEC source.

 

The Kingdom supplied 10.467 mbd to market in August, S&P Global Platts reported. This means the total amount of crude oil exported to customers, consumed by Saudi refineries, and burned by domestic power plants, was slightly higher than the amount of crude pumped out of the ground during the month, indicating a draw of barrels held in storage.

 

The decline in July output was due to lower exports, after Saudi Arabia halted shipments through the Bab Al Mandeb waterway, following an attack by Houthi forces on Saudi oil tankers.

 

On June 23, OPEC agreed with 10 non-OPEC partners to increase crude oil output by a collective 1 mbd. OPEC is set to reveal its August production figures in its monthly oil market report on Sept. 12.

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