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Saudi Arabia exports 2bn barrels of oil, earnings down 44 per cent

Domestic oil consumption reached 771 million barrels, 28 per cent of its gross output

Saudi Arabia’s crude oil exports amounted to 2.02 billion barrels in the first nine months of the current year at a total value of SAR421bn.

The earnings of the world’s largest oil exporter suffered a major plunge of 44 per cent compared with the same period last year as the prices’ downhill slope continues to bite.

The kingdom’s domestic oil consumption reached 771 million barrels, 28 per cent of its gross output, according to Saudi oil affairs expert, Fahad bin Juma’a.

Global crude oil prices continued to decline throughout the nine-month period, the expert adds, noting that West Texas crude averaged $44 a barrel while benchmark Brent averaged $47 a barrel.

Rising US crude oil inventories, higher global supply and China’s economic slowdown are the main factors that pressured prices down, Bin Juma’a explains.

In remarks published by Al-Riyadh newspaper, he indicates that OPEC expects prices to recover to $80 a barrel in 2020, rising by an average of $5 every year.

According to previous figures, Saudi Arabia’s oil exports edged down by 11.6 per cent in 2014 while earnings retreated to SAR1.06 trillion against SAR1.2trn in 2013.

($1 = AED3.67, at the time of publishing)