Saudi Arabia Boosts Oil Exports to 8-Month High, Jodi Data show

Saudi Arabia boosted crude exports in February to the highest level since June while it cut oil use at local power plants and refineries to the lowest since March 2011, according to Joint Organizations Data Initiative.

The kingdom, the world’s largest crude exporter, increased daily shipments to 7.45 million from 7.09 million a month earlier, the initiative known as Jodi said on its website today. It produced 9.15 million barrels a day during the month, the data show.

The country burned 294,000 barrels a day of crude at power plants, while processing 1.5 million barrels at refineries, according to the data.

Saudi Arabia’s Petroleum Ministry expects a bigger gain in oil demand this year than forecast by groups such as the Organization of Petroleum Exporting Countries and the International Energy Agency. It estimates world demand will increase by about 1 million barrels a day this year and exceed 90 million barrels “for the first time in history,” Ibrahim al-Muhanna, an adviser to Saudi Oil Minister Ali al-Naimi, said on April 10 in Kuwait.

JODI, supervised by Riyadh-based International Energy Forum, uses statistics supplied by national governments to compile data on production, imports and exports for oil- producing and consuming nations. Its data include crude and condensates, exclude natural gas liquids.

To contact the reporter on this story: Wael Mahdi in Manama at wmahdi@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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