Saudi Arabia exported 1.6 billion barrels of oil worth SR657 billion ($175.16 billion) during the first seven months of this year, said an economic report.

Local consumption of oil during the same period stood at 475 million barrels or 23 per cent of the total production, a report in the Arab News said

The report came as the Organization of Petroleum Exporting Countries (Opec) predicted a fall in demand for oil this year. However, Opec increased its output in July despite the violence in Iraq and Libya.