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18-02-14

Saudi oil exports reach USD25.701 b in January

(MENAFN) Saudi Arabia has gained USD25.701 billion from the proceeds of exporting 240 million barrels in January 2014, according to Arab News. The kingdom has domestically consumed 58.9 million barrels, or 20 percent of total output. The International Energy Agency (IEA) expects global demand on oil to grow by 1.3 million barrels per day (mbpd) this year. Oil production in the United States may boost by another 782,000 barrels per day to reach 8.3 mbpd in 2014.