Saudi oil exports rise to 7.17 million barrels in April

Saudi oil exports rise to 7.17 million barrels in April
Saudi Arabia pumped 36.000 bpd in April, photo credits

The Saudi crude oil exports rose by 36 thousand barrels per day to reach 7.17 million barrels in April, compared to March.

Saudi Arabia's crude oil exports rose to 36,000 barrels per day compared to the previous month to reach 7.177 million barrels per day in April, official statements showed on Monday.

Saudi Arabia's crude oil production increased by 20 thousand barrels per day from a month earlier to 9.807 million barrels per day, while the direct burning of crude oil increased by ten thousand barrels per day to 280 thousand barrels per day.

Crude oil consumption at domestic refineries grew 106,000 barrels per day to 2.598 million barrels per day in April, according to figures.

Saudi demand for oil products rose 19,000 barrels per day to two million barrels per day, and oil product exports fell 80,000 barrels per day to 1.393 million barrels per day in April.

Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) provide monthly export data to the joint data initiative published on its website.

It's noteworthy that Fitch confirms its forecast for oil prices at $65 abarrel, saying that despite the geopoliticaltensions in the region and uncertainties in global economic conditions, whichare likely to lead to more volatility in oil prices.

However, Fitch said that it had kept its oil price forecasts, while lowering its expectations for natural gas prices, reflecting the decline in the US extraction's costs and the increase in supply of liquefied natural gas globally.

Fitch noted that the natural scenario indicates that the price of Brent crude will reach an average of $65 this year, $62.5 next year, $60 in 2020, and $57.5 in 2022.

According to Fitch, the return of sanctions on Iran, thedecline in production in Venezuela, and the conflict in Libya contributed tothe rise in the price of Brent crude to $75 a barrel by the end of Aprilcompared to $50 a barrel at the end of 2018.

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