Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on August 30, 2013
Saudi Oil Output to Stay Near 10 Million Barrels a Day
Saudi Arabia, OPEC’s biggest producer, will probably keep crude production steady in September at similar levels to this month and July, a person with knowledge of the kingdom’s oil policy said.
The world’s biggest crude exporter produced 10.03 million barrels a day in July, and taking into account inventory movements it supplied 9.9 million barrels a day to the market that month, the person said, asking not to be identified because the matter is confidential. Output won’t vary much unless market conditions change.
Saudi Arabia is not supplanting sales from Libya, where oil exports have dipped, and the current situation is different to 2011 when the North African nation was in greater turmoil, the person said, adding that Saudi and Libyan crude varieties are different and most Saudi customers are in Asia.
A PIRA Energy Group forecast, suggesting Saudi Arabian production will rise to an average 10.5 million barrels a day this quarter, is inaccurate, the person said. The PIRA forecast was reported earlier today by Reuters.
Gary Ross, chief executive officer at PIRA in New York, declined to comment when his office was contacted by Bloomberg News today.
The 12 members of the Organization of Petroleum Exporting Countries are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The group will next meet in Vienna on Dec. 4.
OPEC’s total crude production increased 116,000 barrels a day in August from July, to 31.04 million barrels a day, with Saudi Arabian production rising to 150,000 barrels a day to 9.95 million barrels a day, according to a Bloomberg survey of producers, companies and analysts published today.
4 Comments on "Saudi Oil Output to Stay Near 10 Million Barrels a Day"
BillT on Fri, 30th Aug 2013 2:02 am
They are and have been maxed out at 10M bbls/day for many years. And, they know it, but they don’t want you to know it.
Luke on Fri, 30th Aug 2013 9:09 am
When Ghawar’s wet sponge is squeezed out by the last added rigs in its center a steady decline in Saudi output is expected. But they could come back to be the oil hero again and launch a US like “tight oil revolution”.
DC on Fri, 30th Aug 2013 10:26 am
How much of Ghawar is seawater and how much is ‘oil’ these days anyhow? I wonder….
Luke on Fri, 30th Aug 2013 2:29 pm
7 million barrels desalted seawater go in, 5 million barrels oil come out. The harder they push to keep the production level the higher the water cut will be. And so Ghawar slowly will die.But for this very moment SA will keep its reputation as oil hero.