Saudi Arabia, the world’s second largest exporter of crude oil, saw a decrease in oil production in June. Oil production in June was 9.642mn barrels per day, slightly lower than the May figures of 9.657mn bpd.
Exports of crude oil also fell from 7.789mn bdd in May, to 7.315mn bpd in June. This information was posted on Joint Organization Data Initiative, or JODI, website. JODI is supervised by the Riyadh-based International Energy Forum and shows data supplied directly by governments beginning in 2002.
Saudi Arabia’s largest unlisted lender, National Commercial Bank, said in a note earlier this year that the state’s average crude production may fall by 400,000 bpd in 2013 as it curbs supply to meet OPEC’s output target. It is expected to produce around 9.5mn bpd on average this year, compared with 9.92mn bpd in 2012, the National Commercial Bank said.