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Saudi oil exports’ revenues down by 49 per cent in first eight months

Demand and supply will stabilise and prices will rebound after some time

Saudi Arabia’s revenues of oil exports suffered a major decline of 49 per cent in the first eight months of the current year to SAR328 billion.

During the January-August period, the kingdom, the world’s largest oil exporter, exported approximately 8.1bn barrels, reveals oil and energy affairs expert, Fahad bin Jumah.

The kingdom’s local consumption of crude oil stood at 681 million barrels or 27 per cent of the nation’s total output, experts indicate.

The data comes at a time when the Organization of the Petroleum Exporting Countries (OPEC) said that global demand for crude oil will hit 92.7m barrels a day in 2015, up by 1.38m, compared with 2014.

In remarks to the Alriyadh, Jumah blames a build-up in US oil inventories, mounting fears of global economic slowdown and sell-offs in stock exchanges for the downward slope of oil prices in the past period.

He assures that demand and supply for crude oil will stabilise and that prices will rebound but after some time.