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02-06-14

Saudi exports USD126b worth of oil in 5 months

(MENAFN) Saudi Arabia's oil exports were estimated at USD126.04 billion in the first five months of the current year, totaling 1.17 billion barrels, while proceeds were estimated at USD126.04 billion, according to Arab News. The kingdom's domestic consumption amounted 21 percent of the its total output during the five months, totaling 317 million barrels. Saudi oil exports have improved with the increased demand by China, which plans to boost its strategic stockpile on the back of the political developments in Ukraine, which sent the prices of Brent oil to higher levels exceeding USD110 per barrel compared to USD104 for West Texas oil for July future deals.