19 Jan 2015
Saudi Arabia’s exports hit seven-month highs in November
FXStreet (Mumbai) - The probability of even a slight recovery in Crude is low since concerns of excess supply keep mounting as major suppliers report exports at record highs.
Saudi Arabia, the biggest exporter of Crude, reported November exports at seven-month high. The Kingdom’s oil exports rose to 7.3 million barrels a day from 6.9 million barrels in October, shows data on the website of the Joint Organizations Data Initiative. The group’s website also showed stockpiles at the end of the month rose to 305.8 million barrels, the highest level since at least January 2002.
The surge in exports is hardly surprising, since the Kingdom has rejected the idea of reducing output at the November OPEC meet, thereby indicating its willingness to fight for the market shares via reduction in export prices. Saudi Arabia dropped its official selling prices in Asia for November sales to gain market share in the fastest-growing region for petroleum demand.
Saudi Arabia, the biggest exporter of Crude, reported November exports at seven-month high. The Kingdom’s oil exports rose to 7.3 million barrels a day from 6.9 million barrels in October, shows data on the website of the Joint Organizations Data Initiative. The group’s website also showed stockpiles at the end of the month rose to 305.8 million barrels, the highest level since at least January 2002.
The surge in exports is hardly surprising, since the Kingdom has rejected the idea of reducing output at the November OPEC meet, thereby indicating its willingness to fight for the market shares via reduction in export prices. Saudi Arabia dropped its official selling prices in Asia for November sales to gain market share in the fastest-growing region for petroleum demand.