Saudi Arabia exported the most oil in nearly eight years in September as crude oil for December delivery slipped 45 cents or 0.5%, to $93.39 barrel Monday.
A report from the Joint Organisations Data Initiative showed Saudi Arabia pumped 10.12 million barrels a day of crude and shipped 7.84 million a day in September, according to Bloomberg.
“This was due to oil production remaining at a high rate while the country’s own consumption fell — after all, there is less demand for electricity to run air-conditioning units in Saudi Arabia now that the summer is over,” analysts at Commerzbank said in a note.
December gasoline fell 1% to $2.63 a gallon, while heating oil for the same month dropped 0.5% to $2.92 a gallon.
Natural gas for December gained 1% to $3.70 per million British thermal units.