Saudi Arabia’s oil export hits 1.38 billion barrels in first half of 2014

Saudi Arabia has exported around 1.38bn barrels of oil in the first six months of 2014 that yielded $150.5bn, according to an economic expert.

Local consumption in the kingdom is projected to hit 395mn barrels, or 22 per cent of the total production, during the same period, Fahad bin Jumaa told Al-Riyadh Arabic daily.

He said that the figures come at a time when OPEC (Organization of Petroleum Exporting Countries) is poised to shrink its share of the global market for the third consecutive year by 2015 for a number of reasons, including boom of shale oil in the US despite acceleration of global demand on oil.

Copyright, Oil Review, 2014.