Kingdom of Saudi Arabia exported about 1.8 billion barrels of oil during the first eight months period of 2015 , with a value up to about 382 billion riyals, and these price value is less than the price value during the same period last year by 49%.
The total local consumption in the same period reaches approximately 681 million barrels and 27% of total production.
These figures come at a time when the Organization of Petroleum Exporting Countries "OPEC" said that global demand in 2015 will reach the level of 92.7 million barrels per day, which is higher rate of 1.38 million barrels per day than the 2014 level.
Commenting on the kingdom's oil exports, economic advisor specialized in oil and energy sector, Dr. Fahd bin Juma, said to "Riyadh" that the kingdom exported about 1.8 billion barrels of oil during the first eight months of 2015 with a value of 382 billion riyals, and this price value is less than the price value During the same period last year by 49%.
He added that local consumption in the same period amounted to approximately 681 million barrels which is 27% of total production.
He said: the West Texas price fell to 40.21$ during the past few days, as this decline is considered the least in 6.5 years, while Brent for October fell to 46.91$, after US inventories rose to 456.2 million barrels in the ending week in August 14, with about 100 million, which is above the average five-year period level.
Noting in this regard that if the supply does not respond with a low current prices, it is expected that the price of West Texas will back down to the level of 35$.
He attributed succession of decline in global oil prices in the past few days to increasing oil supply, and growing fears of a slowdown in Chinese growth, which some data showed poor performance of the manufacturing industries, as well as continued selling in the Chinese stock markets added to the negative mood, with most of the major global stock markets.
Noting that the continuing decline in oil prices is due to the global markets failure to respond to market factors to narrow the gap between supply and demand at prices above 60$ for a barrel.
