According to the data published by General Authority for Statistics of Kingdom of Saudi Arabia, oil exports of Saudi Arabia valued at 58 billion 112 million riyals in September 2019 compared to 77 billion 966 million riyals in September 2018, corresponding to a decrease of 19 billion 854 million riyals or 25.5% over that period. The share of oil exports in total merchandise exports also decreased from 80.1% in September 2018 to 76.1% in September 2019. Compared to the previous month (August 2019), the value of oil exports decreased by 1 billion 497 million riyals or 2.5% in September 2019.

Total merchandise exports of Saudi Arabia amounted to 76 billion 363 million riyals in September 2019 compared to 97 billion 277 million riyals in September 2018, corresponding to a decrease of 20 billion 914 million riyals or 21.5% over that period. Merchandise exports in September 2019 were, however, higher than those in the preceding month (August 2019) by 1 billion 48 million riyals or 1.4%.

Source: General Authority for Statistics of Kingdom of Saudi Arabia / link: https://www.stats.gov.sa/sites/default/files/merchandise_exports_and_imports_of_the_kingdom_of_saudi_arabia_-sep_2019.pdf
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The government is negotiating with drilling companies to make an agreement for the first deep gas well.

The well is aimed to start production during the last quarter of this year.

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The index consists of cereals, oilseeds, dairy products, meat and sugar products.

The prices of dairy and sugar products as well as oilseeds increased to 164.8 worldwide, in the month of January.

The index was 161.6 in December.

Despite the increase, the index is 2.2% below compared to January 2018.

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President Donald Trump said in a tweet on Saturday that Saudi Arabia’s King Salman had agreed to his request to increase oil production “maybe up to 2,000,000 barrels” to offset production from Iran and Venezuela.

The world’s top oil exporter plans to pump as much as 11 million barrels of oil per day (bpd) in July, an oil industry source told Reuters this week, after OPEC agreed with Russia and other oil producers to raise output by about 1 million bpd.

Trump tweeted: “Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference … Prices too high! He has agreed!”

Saudi King Salman and Trump emphasized the need to preserve oil market stability and the efforts of oil-producing countries to compensate for any potential shortage, in a phone call reported by Saudi state media on Saturday. However, the statement did not mention any intention by Saudi Arabia to raise production to 2 million barrels per day.

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Source: Sputnik
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India plans to make some oil payments to Iran in rupees in a bid to avoid US economic pressure on Tehran, according to several Indian government sources. Another source said that India’s Central Bank is yet to make a final decision on returning to the rupee payments for Iranian oil.

During a meeting with his Iranian counterpart, Javad Zarif, late last month, Indian Foreign Minister Sushma Swaraj pointed out that his country would ignore US trade sanctions against Iran.

“India will comply with UN sanctions and not any country-specific sanctions,” he stressed.

In May 2018, President Donald Trump announced Washington’s withdrawal from the 2015 Iran nuclear deal and ordered the re-imposition of US anti-Iranian sanctions, including those related to the oil sector, will be effective as of November 4.

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Source: NY Times
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Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.