{"id":3196,"date":"2014-12-18T07:25:36","date_gmt":"2014-12-18T12:25:36","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3196"},"modified":"2014-12-18T07:25:36","modified_gmt":"2014-12-18T12:25:36","slug":"saudi-arabias-oil-exports-drop-was-sign-of-weaker-demand-bloomberg","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3196","title":{"rendered":"Saudi Arabia\u2019s Oil Exports Drop Was Sign of Weaker Demand – Bloomberg"},"content":{"rendered":"

Saudi Arabia\u2019s Oil Exports Drop Was Sign of Weaker Demand – Bloomberg<\/a>.<\/p>\n

Saudi Arabia<\/a>\u00a0shipped 10 percent less oil overseas in October than it did a year earlier, signaling demand was falling even before OPEC decided a month later to hold production unchanged with prices plunging.<\/p>\n

Oil exports fell to 6.9 million barrels a day in October from 7.7 million barrels a day a year earlier, according to data from the Joint Organisations Data Initiative today. It was the sixth month in a row that Saudi Arabia produced less than 7 million barrels a day, the level it needs to balance its budget.<\/p>\n

Crude slumped 43 percent this year as the Organization of Petroleum Exporting Countries sought to defend market share amid a U.S. shale boom that\u2019s exacerbating a global glut. Saudi Arabia will stick to its policy to maintain output, the country\u2019s oil minister\u00a0Ali Al-Naimi<\/a>\u00a0said, according to state-run Saudi Press Agency.<\/p>\n

\u201cNow we can understand the reasons that compelled Saudi Arabia and OPEC to hold onto their market share,\u201d said John Sfakianakis, the head of\u00a0Middle East<\/a>\u00a0at\u00a0Ashmore Group (ASHM)<\/a>\u00a0Plc, the London-based\u00a0money manager<\/a>\u00a0specializing in\u00a0emerging markets<\/a>. \u201cThe problem is that they want to keep their market share while exporting less oil.\u201d<\/p>\n

<\/p>\n

<\/a><\/a>…click on the above link to read the rest of the article…<\/span><\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia\u2019s Oil Exports Drop Was Sign of Weaker Demand – Bloomberg. Saudi Arabia\u00a0shipped 10 percent less oil overseas in October than it did a year earlier, signaling demand was falling even before OPEC decided a month later to hold production unchanged with prices plunging. Oil exports fell to 6.9 million barrels a day in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[588,589,1135,600,701],"class_list":["post-3196","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil","tag-oil-demand","tag-oil-exports","tag-opec","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3196"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3196\/revisions"}],"predecessor-version":[{"id":3197,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3196\/revisions\/3197"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}