Saudi Arabia’s oil exports hit 2.06bn barrels in nine months this year

oil-saudiIn terms of crude oil production, Russia is world’s leader with 10.1mn bpd, with Saudi Arabia coming in second with 9.7mn bpd. (Image source: Eric Kounce/Flickr)Saudi Arabia’s oil exports reached 2.06bn barrels in the first nine months of 2014 with proceeds amounting to US$221.2bn

Fahad bin Jumaa, industry expert, said that domestic consumption during the same period reached nearly 621.5mn barrels, which is 23 per cent of the total output, Al-Riyadh reported.

A Saudi Aramco official, meanwhile, said that the company is planning to invest US$40bn in the next 10 years to keep stability of oil production and double gas production.

Currently, Saudi Arabia is the largest exporter of petroleum liquids in the world and is home to the world’s largest proven crude oil reserves, accounting for 16 per cent of the world’s total reserves.

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