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.

arabianoilandgas.com