Saudi oil exports dipped slightly in December compared with the previous month, while its output reached a two-year high and its stocks rose, according to preliminary data supplied by the kingdom.
Debate over how much top exporter Saudi Arabia is exporting has intensified as oil prices have vaulted over $100 a barrel and a wave of popular unrest has swept across the Middle East, toppling presidents in Egypt and Tunisia. Reports from OPEC as well as those from the main consumer countries have indicated increased overall OPEC production, including from Saudi Arabia.
But the kingdom’s regular customers have said they have received roughly steady supplies.
Attempting to explain the rise in inventory levels, analysts said Saudi Arabia could need oil to burn in power generation and some said it was possible exports were being understated.
The December output figure of 8.365 million bpd compared with 8.259 million bpd in November and 8.586 million bpd in December 2008, just before OPEC implemented record supply curbs.
Exports dropped in December 2010 to 6.049 million bpd from 6.342 million bpd in November and inventories in the kingdom rose to 270.365 million barrels from 266.394 million.
The figures appear as preliminary data on the Joint Data Initiative (JODI) website, which is to be officially updated on Saturday.
When asked about the details of Saudi output, Saudi Arabia’s Oil Minister Ali al Naimi has frequently referred reporters to JODI, set up to promote transparency in oil markets.
Saudi Arabia is particularly significant in that it holds around 4 million bpd of spare capacity and has always said it is ready to supply more oil to international markets if there is a need.
Other members of OPEC have a tendency to pump as much as they can, only withholding production when the market is falling sharply.
OPEC last agreed a formal change in policy in December 2008 when prices had crashed to just above $30 a barrel from a record high of nearly $150 in July of that year.
Initially, members of the group complied closely with output curbs totally 4.2 million bpd, but their production has gradually risen as the oil price has strengthened.
OPEC does not formally meet to reconsider output policy until June, although some OPEC ministers are expected to hold informal talks on the sidelines of the International Energy Forum in Riyadh on Tuesday.
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