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Saudi Arabia's oil output hit 2-year high

Dubai, February 16, 2011

Saudi oil production rose to a two-year high in December 2010 of 8.365 million barrels per day, according to preliminary data supplied by the kingdom, but its exports fell.

The output figure compared with 8.259 million bpd in November and 8.586 million bpd in December 2008, just before Opec implemented record supply curbs.

Exports dropped in December 2010 to 6.049 million bpd from 6.342 million bpd in November and inventories in the kingdom rose to 270.365 million barrels from 266.394 million.

The figures appear as preliminary data on the Joint Data Initiative (JODI) website, which is to be officially updated on Saturday.

Saudi Arabia's Oil Minister Ali al-Naimi refers reporters to JODI, set up to promote transparency in oil markets, when asked how much the kingdom is pumping.

Monthly market reports from Opec and from the International Energy Agency (IEA), which represents consumers, have indicated an increase in overall Opec output.

Long-term customers of the world's biggest exporter, however, have said supplies to them have been around steady.

Overall output from the Organization of the Petroleum Exporting Countries has risen as oil prices have rallied, with many producers taking advantage of a strong market to pump as much as they can.

Oil prices have climbed above $100 a barrel as tension has risen across the Middle East following popular uprisings that have toppled the Egyptian and Tunisian presidents.

So far, no oil supplies have been disrupted and Opec ministers have said the market has enough crude.

Saudi Arabia, holder of the most significant spare capacity in the producer group, has always said it can add extra oil should the market need it, but will not produce crude when it does not see the demand.-Reuters




Tags: Saudi Arabia | Opec | oil production | fuel | crude output |

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