The kingdom pumped 9.76 million barrels a day, compared with 9.61 million barrels in July, statistics posted today on the initiative’s website show. The crude data includes condensates and excludes natural-gas liquids.
The country’s oil exports rose 2.6 percent in August to 7.38 million barrels a day, from 7.19 million a day in July, the JODI data showed.
Saudi Arabia increased oil supply to help meet rising demand after failing in June to reach an agreement with other members of the Organization of Petroleum Exporting Countries to boost production quotas after exports from Libya collapsed.
Saudi Arabian Oil Minister Ali Al-Naimi said on Oct. 8 in Dhahran, Saudi Arabia, there’s no excess supply in world oil markets and that the kingdom has been adjusting output to match fluctuating demand over recent months.
JODI is supervised by the Riyadh-based International Energy Forum and compiles data supplied by member governments. The IEF is a group of nations that account for more than 90 percent of global oil and gas supply and demand, established as a forum for producing and consuming nations to discuss international energy security.
Kuwait, Qatar
Kuwait increased output to 2.8 million barrels a day in August from 2.6 million in July, while Qatar kept oil production unchanged at 731,000 barrels a day, according to JODI figures. The United Arab Emirates didn’t submit data for the month, nor did Iran.
Nigeria’s production rose to 2.41 million barrels in August, from 2.35 million in July, the data show.
Venezuela crude output fell to 2.76 million barrels a day, from 2.78 million, even though exports rose to 1.58 million barrels a day in August, from 1.49 million a day in July, Jodi data showed.
–Editors: Stephen Voss, Charlotte Porter
To contact the reporter on this story: Wael Mahdi in Khobar, Saudi Arabia at wmahdi@bloomberg.net
To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net
