Saudi Arabia’s Oil Exports Fell in 2014 in ‘Tough Year’ - Bloomberg Business

Saudi Arabia’s Oil Exports Fell in 2014 in ‘Tough Year’ - Bloomberg Business:



"Saudi Arabia, the world’s biggest crude exporter, shipped 5.7 percent less oil overseas last year led by a decline in China, its biggest customer in Asia, in a sign the price rout did little to revive demand.



Shipments averaged 7.11 million barrels a day, down from an 11-year high of 7.54 million barrels a day in 2013 and the lowest in three years, according to data from the Joint Organisations Data Initiative. In December, exports dropped 5 percent from November to 6.9 million barrels a day.



Crude prices fell almost 50 percent last year as the Organization of Petroleum Exporting Countries sought to defend market share amid a U.S. shale boom and a global glut estimated by Qatar and United Arab Emirates at 2 million barrels a day. Saudi Arabia will maintain output, Oil Minister Ali Al-Naimi said in December, according to the state-run Saudi Press Agency."



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