Saudi April Crude Exports Little Changed While Iraq IncreasedWael Mahdi
Saudi Arabia, the biggest crude oil exporter, shipped 7.44 million barrels a day oil in April, 0.3 percent more than in March, while exports from fellow OPEC members Iraq and Venezuela made steeper gains, data show.
Total Saudi crude production increased to 9.3 million barrels a day in April from 9.14 million barrels the previous month, according to official figures published by the Joint Organisations Data Initiative. The kingdom exported 20,000 barrels a day more than in March, data on the initiative’s website showed today.
Iraq, the second-largest producer in the Organization of Petroleum Exporting Countries, shipped 2.62 million barrels a day in April, up 200,000 barrels a day from the prior month, while Venezuela exported 1.63 million barrels, a gain for the month of 80,000 a day, the data showed.
Demand for crude from OPEC, which supplies about 40 percent of the world’s oil, will average 29.8 million barrels a day this year, the 12-member group estimated in its monthly oil report published on June 12. The OPEC forecast shows the need for its crude will be 400,000 barrels a day less this year than in 2012, taking into account global demand and non-OPEC supply.
Angola’s shipments fell by 10 percent in April to 1.56 million barrels a day, the lowest level since September, according to the initiative, known as JODI. Nigeria raised daily shipments by 61,000 barrels a day to 2.1 million barrels, the figures showed.
Iran, Libya, Kuwait, and the United Arab Emirates didn’t provide data for April.
JODI, supervised by the Riyadh-based International Energy Forum, uses statistics supplied by national governments to compile data on imports, exports and output for oil-producing and consuming nations. The data include crude oil and condensates and exclude natural-gas liquids.
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