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Thursday, Feb 02, 2023

Saudi Oil Exports Reach $25.5 Bln in Oct.

Saudi Oil Exports Reach $25.5 Bln in Oct.

The value of Saudi oil exports during October 2022 reached 95.8 billion riyals ($25.5 billion), compared to 82.1 billion riyals ($21.9 billion) during October 2021, with an increase of (14 billion riyals), a percentage of 17.
According to the General Authority for Statistics (GASTAT), oil exports represented 77.5 percent of the overall exports of the Kingdom in October compared to 79.4 percent during the same month of last year.

Oil prices rose for the fourth day in a row on Thursday as US inventories of crude oil, heating oil and jet fuel dwindle just as a winter storm hits the United States and travel spikes into the holiday season.

Brent futures rose $1.16 percent, or 1.96 percent, at 1201 GMT, up about 2.7 percent from the previous session.

Futures for US West Texas Intermediate (WTI) rose $1.51, or 1.93 percent, to $79.80 a barrel.

Both benchmark oil contracts jumped on Wednesday after government data showed US crude inventories fell by much more than analysts had expected, posting a drop of 5.89 million barrels for the week ending Dec. 16.

Distillate stocks, which include heating oil and jet fuel, also declined, going against expectations for a build.

Stockpiles fell as demand for heating oil was set to soar because of the powerful winter storm in the US.

"The crude market is finely balanced," said National Australia Bank's head of commodity research Baden Moore.

"As we look into 2023, we see China's re-opening and a likely continued steady roll-up in global jet demand (towards 2019 levels) will tighten global crude markets and drive prices higher," he said.

China may be struggling to keep a tally of COVID-19 infections as the country experiences a big spike in cases, a senior World Health Organization official said on Wednesday.
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