Saudi sales from petrochemical exports rise 31% in Feb

Kingdom exported SR3.6bn ($960m) of petchems compared with SR2.75bn in Feb last year
Saudi sales from petrochemical exports rise 31% in Feb
Saudi Arabia shipped 2.49 million metric tons of petrochemicals from its ports in February, compared with 2.23 million tons a year earlier (Getty Images)
By Bloomberg
Sun 17 Apr 2011 03:22 PM

The value of Saudi Arabia’s petrochemical exports rose 31 percent in February from a year earlier as crude oil prices stayed above $100 a barrel.

The kingdom, holder of the world’s largest oil reserves, exported SR3.6bn ($960m) of petrochemicals compared with SR2.75bn in February last year, according to data on the Department of Statistics and Information’s website. The value of exports in January this year was SR4bn.

Petrochemical exports in February made up 32 percent of non-oil exports of the country, while exports of plastics comprised 34 percent, the data showed.

Saudi Arabia shipped 2.49 million metric tons of petrochemicals from its ports in February, compared with 2.23 million tons a year earlier, Saudi Ports Authority said April 10.

Saudi Arabia,
the largest producer in OPEC, pumped 9.02 million barrels of crude oil
a day in February, up 5.9 percent from the previous month, official
data showed.

The increase of
506,000 barrels a day over January raised Saudi monthly production to
its highest level since October 2008, when the kingdom produced 9.52
million barrels a day, according to official data posted today on the
government’s Joint Organization Data Initiative website.

Saudi Arabia
exported 6.99 million barrels of crude a day in February, for a monthly
increase of 601,000 barrels a day, or 9.4 percent, the data showed.

Crude exports
from five other members of the Organization of Petroleum Exporting
Countries decreased in the month. Libya’s exports dropped by 137,000
barrels a day to 981,000 barrels, while Angola’s shipments fell by
173,000 barrels a day, Nigeria’s by 111,000 barrels, and Qatar’s by
13,000 barrels, according to the data initiative, which is supervised
by the Riaydh-based International Energy Forum.

Venezuela posted the sharpest decline of any OPEC member in February, by 367,000 barrels a day, the official data showed.

Algeria,
Ecuador, Iran, Iraq and Kuwait all boosted exports in the month,
according to the data initiative. The United Arab Emirates was the only
one of OPEC’s 12 members that didn’t submit data.

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