Complex Made Simple

Saudi Arabia exports 2bn barrels of crude oil in 9 months

Kingdom's oil exports in September hit 7.11 million barrels a day

Saudi Arabia, the world’s largest oil exporter, exported a total of two billion barrels of crude oil in the first nine months of the current year.

According to a report by Al Eqtisadiah, the kingdom’s oil exports in September hit 7.11 million barrels a day, which is higher than that of the 39 world producers and accounts for 19.2 per cent of global daily exports.

The daily average of oil exports of the 39 countries stood at 37m barrels, the report indicates. Russia came second with 4.56m barrels a day followed by Iraq with 3.05m barrels.

The United Arab Emirates is the world’s fourth-largest oil exporter with 2.44m barrels a day, accounting for 6.6 per cent of daily global exports. Nigeria came fifth with 2.17m barrels followed by Canada (2.04m barrels); Kuwait (2m barrels); Angola (1.72m barrels) and Venezuela with 1.61m barrels.

Back to Saudi Arabia, the OPEC heavyweight pumped 10.226m bpd in September, slightly lower than August’s 10.265m, but the kingdom continues to maintain high output stemming from its strategy to keep market share.

Local refineries processed 2.501m bpd of crude oil compared with 2.214m bpd in August. The country’s exports of refined oil products in September edged down to 1.190m bpd, from 1.347m bpd recorded in August.