Saudi Arabia oil reserves reach record level

In late summer 2015, commercial oil reserves of Saudi Arabia reached 326.6 million barrels, thus setting a new record for the world's largest oil supplier since 2002.

Thus, the level of oil reserves in July amounted to 320.2 million barrels, while oil exports fell from 7.28 million barrels per day in July to 7 million barrels a day in August, Bloomberg says.

According to expert Mohamed Ramadi, a decline in oil exports from Saudi Arabia reflects the realities of present-day market. Oil production in Saudi Arabia declined from 10.36 million barrels per day in July to 10.27 million barrels a day in August, Pravda.Ru reports with reference to RIA Novosti.

In September, Saudi Arabia reported the production of 10.23 million barrels a day. In  June, the country reached its peak in oil production since 1980 with 10.56 million barrels a day.


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Author`s name: Editorial Team