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20-08-19
Decline seen in Saudi crude oil exports
(MENAFN) Official statistics revealed a decrease in the volume of crude oil exports of Saudi Arabia during the sixth month of 2019.
Compared to the 6.94 million barrels per day (BPD) of Saudi crude oil exports in May, the Kingdom stood at 6.72 million BPD in June.
Oil analyst for UBS Giovanni Staunovo commented: "the oil market seems to be pricing in again a geopolitical risk premium following the weekend drone attacks on Saudi Arabia, but the premium might not sustain if it does not result in any supply disruptions."
OPEC also slashed 40,000 BPD of its projected global oil demand growth for this year, standing at 1.10 BPD to reflect a possible minor surplus next year.
MENAFN2008201900450000ID1098902110
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