2015-08-03 10:56 Source:Shuguang Oil Tools
Economic Daily Riyadh electrical latest data show that in May this year, crude oil production in Saudi Arabia 1033.3 million barrels / day, an increase of 6%, the yield is further increased to 1056 million barrels / day in June, the highest since a record high since the 1980s of the last century. However, due to the new production it is mainly used to meet domestic demand, in May of Saudi crude oil exports 693.5 million barrels / day, compared with 773.7 million barrels in April / day decreased by about one percent.
Data show that Saudi domestic crude oil consumption increased significantly, May crude oil refineries consumed 222.4 million barrels the previous month / day increased to 242.3 million barrels / day, domestic crude oil for power generation from 35.8 million barrels / day significantly increased to 677,000 barrels / day. By convention, three quarters of each year are Saudi domestic oil consumption peak. Saudi local financial institutions Jadwa investment company expects Saudi average yield of 980 barrels / day of crude oil export 700 million barrels / day about flat with last year.
Analysts pointed out that Saudi Arabia maintained crude oil yield, partly because domestic demand is growing, on the other hand is also out to protect market share considerations. The drop in oil prices in the second half compared to last year, and now the international crude oil market more competitive, Saudi Arabia is facing multiple competitive pressure from OPEC and non-OPEC oil producers, thus maintaining the market share of more urgent demands.