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Saudi Crude oil export volume will be increased to 10 million barrels / day

Saudi Arabia plans to increase its oil exports further from April to may, according to the crude oil news on March 18. As the country develops a new oil field, its oil exports will reach a record level of more than 10 million barrels per day.

"Saudi Arabia will use the natural gas produced by fadhili gas plant to compensate about 250000 barrels of domestic oil consumption per day, which will enable Saudi Arabia to export more than 10 million barrels of crude oil per day in the next few months," the Ministry of energy said in a statement on Tuesday

Oil erased earlier gains, with Brent crude falling 2.3% to $29.37 a barrel as of 1:54 p.m. London time.

Saudi Arabia has told refiners it plans to supply a record 12.3 million barrels of crude a day in April, though it did not say how much it would export in April. Saudi Arabia consumes an average of 3.15 million barrels of oil a day, according to the International Energy Agency, which means its daily oil exports will be limited to just over 9.15 million barrels. The new gas plant will help Saudi Arabia raise its exports above that level.

On March 16, Khalid al Dabbagh, chief financial officer of Saudi Aramco, told investors at the company's first annual earnings conference call: "we are very satisfied with the price of $30. In short, Saudi Aramco can maintain very low oil prices for a long time, especially compared with other companies in the industry. "

Goldman now expects Brent crude to average $20 a barrel in the second quarter. In private, oil traders said benchmark prices could even fall to single digits, forcing some producers to shut down wells. This has never happened since the industry downturn of 1997-1999.