Saudi Arabia, OPEC’s largest oil producer, decreased output by less than one percent in October from a month earlier as it adjusted production to meet fluctuations in customers’ demand, government data showed.
The kingdom pumped 9.36 million barrels a day, down 0.85 percent from 9.44 million barrels in September, according to the data the government submitted to the Joint Organization Data Initiative.
The country exported 7.08 million barrels of crude oil a day in the month, up from 6.81 million barrels a day in September, statistics posted today on the initiative’s website. The Saudi crude data includes condensates and excludes natural-gas liquids, according to the website.
Saudi Arabian Oil Minister Ali Al-Naimi said on Oct.8 that there is no excess supply in world oil markets and that the kingdom has been adjusting output to match fluctuating demand over recent months.
The Organization of Petroleum Exporting Countries signaled in its meeting in Vienna on Dec. 14 that it’s prepared to allow Saudi Arabia, the biggest member, to keep pumping crude at near the highest rate in at least 30 years, while increasing its combined output limit to 30 million barrels a day.
JODI is supervised by the Riyadh-based International Energy Forum and compiles data supplied by member governments. The IEF is a group of nations that account for more than 90 percent of global oil and gas supply and demand, established as a forum for producing and consuming nations to discuss international energy security.