Saudi Crude Exports to U.S. Rose in 2012, Iran Sold More to Asia

Saudi Arabia’s shipment of crude oil to the U.S. rose last year and Iran boosted Asian shipments to counter falling sales to its European customers, OPEC reported.

The Kingdom exported 1.42 million barrels a day of crude to the U.S. in 2012 compared with 1.31 million a year earlier, the Organization of Petroleum Exporting Countries said in its Annual Statistical Bulletin today. Iran shipped 1.84 million barrels a day to Asian customers up from 1.39 million barrels in 2011.

Saudi exports to Europe rose to 991,000 barrels a day in 2012 from 890,000 in 2011. Iran’s shipments plunged to 162,000 barrels a day last year from 741,000 barrels a year earlier.

Exports from all OPEC nations rose to 25.3 million barrels a day in 2012 from 23.5 million, the report showed.

OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

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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