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Kingdom exports SR96bn worth oil in January

Saudi Arabia exported 240 million barrels of oil in January of 2014 whose proceeds amounted to SR96.4 billion, local media said quoting an economic expert.
Meanwhile, domestic consumption during the same period stood at nearly 58.9 million barrels, or 20 percent of the total output, Fahad bin Jumaa was quoted by Al-Riyadh daily.
The International Energy Agency (IEA) has predicted that global demand on oil would go up by 1.3 million barrels per day (mbpd) in 2014, or 92.5 mbpd. Oil production in the United States will increase by 782,000 bpd to reach 8.3 mbpd in 2014, he said.
The US Energy Information Administration (EIA) has, meanwhile, predicted that oil production in the country would jump from 7.5 million bpd in 2013 to 8.5 million bpd in 2014.
About global demand on crude oil produced by the Organization of Petroleum Exporting Countries (OPEC), Jumaa said the average demand is expected to hover around 29.58 million bpd in the current year due to over-supply from non-OPEC member countries.
If stability restored in Libya and Iran allowed to increase its production, OPEC production levels will increase, a matter that will add more pressures on oil prices, Jumaa pointed out.