SAUDI OIL EXPORT: $200 BLN
Saudi Arabia's oil exports totalled 1.84bn barrels generating nearly US $200bn in the first eight months of 2014, Al-Riyadh daily has reported.
Of the total oil output 23% is accounted for by domestic consumption reaching nearly 553mn barrels, says expert Fahad bin Jumaa for Al-Riyadh daily.
Meanwhile, Saudi Aramco's CEO Khalid Al-Falih announced they are planning to invest US $40mn over the next 10 years to maintain stability in oil production and double gas production, the daily said.
Opec's oil supplies remain strong with a record of 30.44mn barrels per day in July after prices dropped to $99.52 per barrel last week.
Despite abundant global supplies, a tendency for weak demand persists amid dropping oil prices on a global scale.
West Texas crude oil continued to register low prices to reach US $93.65 per barrel last week, while Brent crude dropped to US $102.29, leaving a price gap of US $8.64.
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There are more than a dozen LNG export projects currently being proposed to US regulators, though across the industry almost no final investment decisions have been announced over the last 18 months and some developers have delayed their decisions into 2018 or beyond. Few firm supply purchase agreements have been announced for the projects that have yet to commit to moving forward.
According to the U.S. Energy Information Administration, Canada's largest energy customer has boosted domestic oil production from less than four million barrels per day in 2008 to 9.2 million bpd now, while gas output has risen from 67 million cubic feet per day to 89 million cf/d.
Egypt’s fledgling solar industry attracted $1.8 billion of investment, largely from the European Bank of Reconstruction and Development and the World Bank’s International Finance Corp.
International Brent crude futures LCOc1 were at $57.75 per barrel at 0733 GMT, up 58 cents from the previous close, after trading as high as $58.13. U.S. WTI crude was at $51.95 per barrel, up 50 cents. Earlier in the day, it traded as high as $52.22.