| Kippreport.com

Saudi exported around 7.7 mln bpd of crude in June -source

July 20, 2011 10:21 by p.deleon

Saudi Arabia’s crude oil exports rose to at least 7.7 million barrels per day (bpd) when output by the world’s largest oil exporter hit record highs in June, an industry source said on Tuesday.

A senior OPEC Gulf delegate told Reuters last week the kingdom pumped more than 9.8 million bpd and boosted exports in June, although he did not give export levels.

The industry source said he estimated Saudi oil exports were between 7.7 and 7.9 million bpd in June. The rest of Saudi crude output goes into its own stocks, refineries and power stations.

A second industry source said that Saudi crude sales were around 7.5 million bpd in June, including around 1 million bpd in sales to Saudi Aramco’s joint-venture refineries inside the kingdom and around 4 million bpd sold to Asia.

Exports to North America amounted to around 800,000 bpd in June, while sales to European buyers were around 700,000 bpd, he said.

According to official data published by the Joint Data Initiative (JODI) this week, Saudi exported 6.83 million bpd of the nearly the nearly 9 million bpd of crude it produced in May.

Saudi crude oil stocks stood at 66.55 million barrels at the end of May, almost double the May 2010 level, after an average of 350,000 bpd of crude were pumped into storage in May this year, JODI data showed.

Saudi’s large Rabigh refinery, which can consume up to 400,000 bpd of oil, was shut for maintenance in May.

The second industry source said he expected Saudi crude production in July to fall below that of June to around 9.4-9.5 million bpd. But he said output in August could be higher than July because of strong demand. (Reporting by Reem Shamseddine, with additional reporting by Amena Bakr in Dubai; editing by Daniel Fineren)