Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Saudi oil surplus to boost reserves: Report
Published in The Saudi Gazette on 31 - 08 - 2012

RIYADH – 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.
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, oil prices fell Thursday after a powerful storm that had shut down refineries along the US Gulf Coast started to ease as it moved inland.
Benchmark oil for October delivery was down 17 cents at midday Bangkok time to $95.32 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 84 cents to finish at $95.49 per barrel on the Nymex on Wednesday.
Traders were watching for any reports of significant damage from Hurricane Isaac as it passed over oil facilities in the Gulf of Mexico. The storm's heavy winds and rain were not expected to cause extensive damage to oil production and refinery operations.
“Although a lot of the production capacity was closed down, it was a precautionary measure and we're not hearing any reports of significant damage,” said Nick Trevethan, senior commodities strategist at ANZ Research in Singapore. “There have been some power outages that may interfere with the restart of some onshore facilities.”
Trevethan said markets were waiting for US Federal Reserve chief Ben Bernanke's highly anticipated speech Friday at an economic conference in Jackson Hole, Wyoming.
Market watchers are hoping for signs that Bernanke might hint at some kind of Fed action to spur growth in the US.
They are also anticipating the release of manufacturing data out of China. Worse-than-expected numbers could put pressure on Beijing for more stimulus measures to help revive growth in the world's No. 2 economy.
“The market is really marking time ahead of the Jackson Hole meeting and Chinese data coming out over the weekend,” Trevethan said. “A weak number might have the market thinking about stimulus.”
Brent crude rose 59 cents to $113.13 on the ICE Futures exchange in London.
In other energy trading, heating oil rose 1 cent to $3.1354 per gallon. Natural gas slipped 2 cents $2.666 per 1,000 cubic feet. – Agencies


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