Saudi Arabia: Stable Oil Provider No More»

Saudi Arabia?s oil production capacity did not answer expectations - 9.5 million barrels per day in September are about 250,000 bpd below earlier estimations, according to the data of Geneva-based tanker-tracker Petrologistics said in its latest report.


Petrologistics' assessment of Saudi production is in line with levels confirmed by Saudi Oil Minister Ali Naimi. On Sunday, Naimi said the kingdom has production capacity of 11 million bpd in keeping with its policy of maintaining a spare production of 1.5 to 2.0 million bpd.

Saudi Arabia exported a total 7.24 million bpd in September, Petrologistics said, compared to 7.1 million bpd in August.

Reflecting the decline in global demand for heavier crudes, exports of Arab Heavy fell to 918,000 b/d versus 1.15 million b/d the month earlier.