Wait until Iran joins in: Saudi oil production hits 12 year high

Saudi Arabia exported more crude oil in 2013 than in any year since at least 2002, according to official statistics posted on the website of the Joint Organizations Data Initiative (JODI).

The Kingdom, the world’s largest crude exporter, shipped 7.54 million barrels a day on average last year, up from 7.41 million barrels a day in 2012, it said. Saudi Arabia exported 5.49 million barrels a day in 2002, when the group began collecting oil data. Saudi monthly exports in 2013 peaked at 7.84 million barrels a day in August, the most since April and May of 2003.

Saudi average crude production declined in 2013 from the previous year even as the nation boosted exports, JODI data showed. The country pumped 9.63 million barrels a day on average last year to 9.76 million barrels a day in 2012, according to the initiative.

“This tells me that Saudi Arabia needed to sell more crude to meet an increase in fiscal spending,” said John Sfakianakis, chief investment strategist at Riyadh-based MASIC, an investment company. “With Brent oil prices now stable around the same levels for the past three years, the only way to increase the country’s revenues is by exporting more crude.”

North Sea Brent averaged $110.82 a barrel during the last three years. It reached a high for the period of $126.65 in April 2011 and fell as low as $89.23 in April 2012. Brent was at about $109.70 a barrel today in London.