Saudi Arabia’s Oil Exports Drop Was Sign of Weaker Demand

Saudi Arabia shipped 10 percent less oil overseas in October than it did a year earlier, signaling demand was falling even before OPEC decided a month later to hold production unchanged with prices plunging.

Oil exports fell to 6.9 million barrels a day in October from 7.7 million barrels a day a year earlier, according to data from the Joint Organisations Data Initiative yesterday. It was the sixth month in a row that Saudi Arabia exported less than 7 million barrels a day, the level it needs to balance its budget.