Oil exports in Saudi Arabia hit 1.6 billion barrels in the first seven months of 2014 with proceeds amounting to SR657bn. Meanwhile, domestic consumption during the same period is expected to stand at nearly 475 million barrels, or 23% of the total output, Fahad bin Jumaa was quoted by Al-Riyadh Daily reported. On global demand, Jumaa said demand on oil is expected to be strong for the remaining period of the current year due to geopolitical turmoil, notably in the Middle East, North Africa and Eurasia. Oil prices were adversely affected by political chaos in Iraq and geopolitical developments in Ukraine, he said. He said the decline in Brent price in the last couple of days comes to cope with investors’ continued evaluation of the situation in the Middle East and Eastern Europe where the Brent oil for September future deals fell to $104.44 per barrel compared to earlier figures of $108 per barrel.
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