(MENAFN) Saudi Arabia's crude exports fell for the fourth month in a row in August to their lowest levels in three years, due to weak demand and sufficient supplies from rival producers, Arabian Business reported.
Saudi crude exports, which have been sliding in the past few months due to shale oil squeezing Saudi oil out of U.S. markets, has also been struggling due to slower than expected demand from Asia, particularly in China.
During August, Saudi's exports of oil reached 6.663 million barrels per day, down from 6.989 million bpd in July, and down from 7.795 million in August last year, which resulted in them registering the lowest rate since March 201.
Saudi officials said that a large volume of Saudi oil output went to the domestic market in August, due to the seasonal burning of crude in order to generate power for air-conditioning in the hot summer months, and the Kingdom said it will probably keep its oil output steady throughout the rest of the year.
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