Oil production in Saudi Arabia, the world’s largest exporter of crude, jumped to 10.034 million barrels a day in July, compared with 9.642 million barrels a day a month earlier, while exports rose 2.1% during the same period, official data showed Wednesday.
The kingdom exported 7.470 million barrels a day of crude oil and condensate in June, up from 7.315 million barrels a day in June, according to figures posted on the Joint Organisation Data Initiative, or JODI, website.
JODI is supervised by the Riyadh-based International Energy Forum and shows data supplied directly by governments dating back to 2002.
Saudi Arabia used 757,000 barrels a day in power stations and water-desalination plants in July, up from the 742,000 barrels a day during the corresponding period in 2012 and also up from the 592,000 barrels a day consumed a month earlier.
The member of the Organization of the Petroleum Exporting Countries increased its output to 10.19 million barrels a day last month to offset a global shortfall fuelled by another hot spot besides Syria: Libya, where unrest has slashed output, according to Saudi officials.
That’s the highest level since at least 1980, when the country, the only producer with significant flexibility to turn its spigots on and off, opened the taps to make up for a sharp fall in Iran’s output after that country’s 1979 revolution.