Exports were bolstered on the back of higher demand from OPEC nations
Saudi Arabia and Iran increased oil exports in January from a month earlier amid higher demand for crude from OPEC member nations, official data posted on the Joint Organisation Data Initiative’s website showed.
Saudi Arabia, the largest producer in the Organisation of Petroleum Exporting Countries, boosted January exports by 2 percent to 7.507m barrels a day, according to JODI data released today. Iran, the group’s second-biggest producer, exported 2.265m barrels a day, its highest monthly figure since December 2008, the data showed.
OPEC supplies about 40 percent of global crude.
Who to believe. Anyway, I believe that the Saudi Arabia and Iran has increased the oil export. On the other side of the equation, the crude oil price is increased. Why the price increases on an environment the supply increase? The price increase suggests that the demand is increasing faster, and probably the demand surpass the supply. Is there any spare capacity to be used on coming months? Or we have to suffer the consequences. Do we have invested the funds on researches to find the required technologies?
The world crude oil production and consumption, is a puzzle, it is a mystery to be solved.
Saudi Arabia, Iran and other countries, will keep their economies busy to produce and export oil. The question is if the world demand supply will be in peace.