The index for energy, according to statistical data, was 326,6 million barrels. The increase of commercial oil reserves, as suggested by the independent British analyst, is a strategy of the Kingdom.
MOSCOW, 19 Oct. Commercial oil reserves of Saudi Arabia in August 2015 has increased to the level in 326,6 million barrels, which was a new record for the world’s largest oil supplier since 2002, reports Bloomberg, citing data from the Joint initiative on oil statistics (Joint Organisations Data Initiative, JODI).
The level of reserves in July amounted to $ 320,2 million barrels, while oil exports decreased from 7.28 million barrels per day in July to 7 million barrels per day in August.
“The decline in oil exports of Saudi Arabia reflects the realities of the modern market”, — said the Agency a British independent analyst Mohammed of Ramadi, noting that “it is normal to observe this reduction (export-editor), as the market becomes increasingly competitive, many countries-members of OPEC sell oil at a discount and at prices lower than Riyadh”.
The oil production of Saudi Arabia declined from 10.36 million barrels per day in July to of 10.27 million barrels per day in August. In September, the OPEC country has provided evidence that produces in the day 10,23 million barrels per day, while in June the country reached its maximum oil production since 1980, having recorded production in 10,56 million barrels per day.
The increase in commercial oil reserves of Saudi Arabia is a Kingdom strategy, said Ramadi. He expressed the view that Riyadh will not cut oil production below the level of 10.2 million barrels per day, the excess will become part of commercial reserves.