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Saudi oil exports reach SR289bn in Q1

Saudi Arabia’s oil exports hit 715.72 million barrels in the first quarter of this year 2014, with proceeds amounting to SR288.91 billion, local media quoting an expert.
On the other hand, domestic consumption during the first quarter of 2014 stood at nearly 176 million barrels, or 20 percent of the total output of the same period, Fahad bin Jumaa was quoted by Al-Riyadh daily as saying.
Earlier, Minister of Petroleum and Mineral Resources Ali Al-Naimi said oil prices are experiencing a good track.
However, he did not give more details on the situation in global oil market or the Kingdom’s production policy, the daily said.
Jumaa said oil prices worldwide climbed in mid-March triggered with fears emerging from political developments in Crimean Peninsula and Libya whose daily production dropped to 250,000 barrels per day, he added.
The Kingdom has reduced its official pricing of its Arabian Light to Asian refineries by $0.20, or an increase of $1.55 per barrel over Oman-Dubai index price, which is considered the lowest since last July (2013), he said. However, in the absence of any geopolitical crises, oil prices in the Asian markets are poised to decline in the next months, he said.