arabnews.com
2013-11-03 19:56:12
Saudi
Arabia oil exports hit 2.2 billion barrels during the last 10 months of
2013, whose proceeds amounted to SR898 billion, local media said
quoting an economic expert.Meanwhile, domestic consumption during the
same period stood at nearly 730 million barrels, or 25 percent of the
total output, Fahad bin Jumaa was quoted by Al-Riyadh daily
. However, domestic consumption declined by nearly 2.3 million
barrels per day by the end of the summer season, he said.Earlier, Saudi
Aramco CEO Khalid Al-Falih told an international conference in South
Korea about the efforts made by the Kingdom on oil and gas exploration.
Saudi Aramco, the largest oil producer in the world, will enter the race
for search of oil and petrosal gas, which confirm the status of the
Kingdom as a centralized state in the hydrocarbon energy market, the
media said.Demand for energy in the Middle East is expected to reach
15.5 million barrels of oil per day in 2020 and 18.5 million barrels in
2030, compared with 12.5 million barrels of oil per day in 2010.“The
Kingdom still produces around 10 million barrels per day, with an
average decline of OPEC oil basket price to $106, due to the absence of
political issues, US stocks increasing by 5.2 million barrels in the
week ended Oct. 18 and a slowdown in the global economy,” Jumaa
said.According to data from Bloomberg, the $5 trillion oil generated
from the boom era of oil shale is threatened if the price of oil goes
down to $70. This is because the US oil shale producers need a price of
$96 to continue to drill wells in northern Mississippi, $78 in Eagle
Ford and $84 in Bakken, North Dakota.While some of the few areas need a
price between $70 and $74, this gives a strong indication of petrosal
oil’s inability to compete with conventional oil, he said.
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