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Saudi oil exports down 10.75% in 2019

Saudi oil exports down 10.75% in 2019
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Riyadh – Mubasher: Saudi Arabia’s oil exports decreased by 10.75% last year, as shown by the Joint Organisations Data Initiative (JODI) figures.

Total exports, including crude oil and petroleum products, declined by 366.59 million barrels per day (b/d) to 3.04 billion barrels in 2019, compared with 3.41 billion barrels in 2018.

Crude oil exports amounted to 2.57 billion barrels, while product exports stood at 474.62 million barrels.

Saudi exports averaged 8.339 million barrels per day last year, compared with 9.344 million barrels in the prior year.

It is worth noting that the kingdom aims to become an exporter of natural gas and petrochemicals in the near future.

Saudi Arabia enjoys oil reserves of around 268.5 billion crude barrels, as well as 325.1 trillion cubic feet of natural gas.

By the end of 2018, BP rose its estimates of Saudi reserves by 12% to 297.7 billion barrels of crude oil.

It is worth noting that OPEC is considering more output cuts, due to expected weakened demand from Asian markets on the back of the coronavirus outbreak.