As Gas Prices Climb to Record Highs – Saudi Arabia Cuts Oil Output and Exports …Update: Iraq Too
Despite record gas prices Democrats killed another Arctic drilling project last week. This comes after Obama rejected the Keystone pipeline project. US gas prices at the pump have doubled since the Obama took office.
The world’s top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by the Joint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data.
The OPEC heavyweight saw production decline by 237,000 barrels per day (bpd) from three-decade highs of 10.047 million bpd in November, the JODI data showed on Sunday.
The draw-down was sharper for the actual amount exported, declining by 440,000 bpd, or 5.6 percent, to come in at 7.364 million bpd, the data also showed. The level would still be similar to exports after a steep ramp-up last June.
In its monthly report on February 10, the IEA put Saudi Arabia’s production number for December slightly lower at 9.55 million bpd, a disparity of 260,000 bpd versus the JODI data.
Iran appeared not to have filed data in time for the latest release, providing no additional clues about how many export barrels were already lost in December, as some reports have suggested.
UPDATE: Iraq also reported a decline in January oil exports.