Saudi Said to Pump Oil Near 32-Year High on Libya Cut
From Gulf Times
Saudi Arabia produced 10.19mn bpd of crude oil in August, according to a person with direct knowledge of the kingdom’s output policy, pumping at the highest level in more than 32 years.
Opec’s largest producer supplied 10.07mn bpd to market in August, taking into account inventory movements, the person said on Sunday, asking not to be identified because the matter is confidential. Saudi Arabia boosted its monthly output from July as Libya struggled to end protests at oil fields and ports that have reduced output in the North African state to the lowest since October 2011.
“The market lost a huge amount of Libyan crude in recent months, and someone must replace that crude either directly or indirectly,” said Sadad al-Husseini a Dhahran, Saudi Arabia-based analyst and a former executive of Saudi Arabian Oil Co (Saudi Aramco)
The kingdom isn’t seeking to offset Libya’s shut-in barrels, and the two counties produce different varieties of crude, a person with knowledge of the matter said on August 29. Still, Saudi Arabia will probably maintain its production in September at a level comparable to August and July, this person said. Saudi output for August reached the highest since December 1980 when the nation produced 10.28mn bpd, according to the US Energy Information Administration.
By posting your comment, you agree to abide by our Posting rules