Saudi crude exports fall to their lowest levels since October 2011; the Joint Oil Data Initiative (JODI) reveals.
Exports by the Kingdom reached a three-year low in June of 2014 with just 6,946 million barrels per day (bpd), when compared with the 6,987m bpd exported in May.
Nonetheless, the data published by JODI shows that this figure didn’t have much to do with crude production, which actually increased over the summer from 9,705m bpd in May to 9,780m bpd in June. Moreover, industry sources suggest that production reached 10m bpd in July.
Instead, data shows that oil use for power generation within Saudi …Read more