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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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.