Saudi Crude Exports for 2012 Reached Seven-Year High, Data Show
Saudi Arabia boosted its average crude oil exports last year to the highest level since 2005, while Iraq and Kuwait shipped the most in at least a decade, according to the Joint Organisations Data Initiative.
Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, exported 7.41 million barrels a day on average in 2012, up 5.2 percent from 2011, according to Bloomberg calculations based on monthly data from the initiative. Last year’s shipments were the highest since the kingdom’s exports averaged 7.47 million a day in 2005, the data showed.
Iraq, OPEC’s second biggest-producer, shipped 2.43 million barrels a day on average last year, while Kuwait’s exports averaged 2.07 million a day, the data posted yesterday on the initiative’s website showed. These were highest averages for both producers since the initiative, known as JODI, began compiling data.
Saudi Arabia increased shipments last year to make up for supply shortfalls from Libya, Iran, and other exporters and moderate increases in global crude prices. Saudi Oil Minister Ali al-Naimi said in Australia last May that he wanted to see the price for Brent crude at around $100 a barrel. Brent, a benchmark for more than half the world’s crude, is trading today in London at close to $117.70 a barrel.
JODI, supervised by the 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. The data include crude oil and condensates and exclude natural gas liquids.
To contact the editor responsible for this story: Stephen Voss at email@example.com