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The Kingdom pumps 1.68 billion barrel to the oil market worth 687 billion riyals (OPEC) failed to compensate the shortage due to interrupted Libyan supply, and the Kingdom saved the situation
The Kingdom pumped 1.68 billion barrels in the international oil market during the first eight months of 2011 worth 687 billion riyals. The economic specialists assured to "Al Riyadh" that if Libya reproduces its outcome again it would reduce the current output of OPEC, which will partially reflect on the Kingdom's output of the aim was to maintain the stability of NYMEX price in the range of 90 dollars. According to the Japanese Natural Resources and Energy Agency, the kingdom is the leading country in exporting crude oil to Japan, where it exports increased by 36.5% compared to last year, reaching 1.19 million barrels per day. The British Oil Movements Consultancy Establishment pointed that the future successive shipments to OPEC failed in the agreement to increase the production in June, but the kingdom, the biggest supplier in the organization, said that it will provide all the importers needs and increased its production, but OPEC's production is still less than last year's production because of the interrupted Libyan supply due to the current events.
