Saudi's surplus: spare oil to sell?

Saudi's surplus: spare oil to sell?
2.5 5

Published August 30th, 2012 - 11:09 GMT via

Rate Article:

PRINT Send Mail
comment (0)
Follow >
Click here to add Bill Farren-Price as an alert
Bill Farren-Price
Click here to add London as an alert
Click here to add New York as an alert
New York
Click here to add Oil Ministry as an alert
Oil Ministry
Click here to add Petroleum Policy Intelligence as an alert
Click here to add Winchester as an alert

Saudi Arabia will probably produce more oil than it supplies to the market in the fourth quarter, boosting a buildup in inventories, according to the Gulf Oil Review.

"As domestic demand dips in the next month, Saudi production is likely to exceed supply in the fourth quarter, leading to further accumulation of stocks inside and outside the kingdom,- the review said in a report received yesterday.

Saudi Arabia is ready to meet any increase in demand for its oil and hasn't changed its preferred for an oil price of $100 a barrel, the report said, citing unidentified sources in the country's Oil Ministry.

The report is published by Petroleum Policy Intelligence, a researcher in Winchester, UK, founded by Bill Farren-Price. 
Meanwhile, Global oil prices fell yesterday as traders reassessed the impact of Hurricane Isaac on output in the rig-heavy US Gulf Coast, analysts said. Brent North Sea crude for delivery in October shed 92 cents to $111.66 a barrel in late morning London deals. 

New York's main contract, light sweet crude for October retreated 79 cents to $95.54 a barrel. 


© Muscat Press and Publishing House SAOC 2012

Add a new comment