Saudi oil exports reach SR289bn in Q1

(MENAFN- Arab News) Saudi arabia's oil exports hit 715.72 million barrels in the first quarter of this year 2014 with proceeds amounting to sr288.91 billion local media quoting an expert

On the other hand domestic consumption during the first quarter of 2014 stood at nearly 176 million barrels or 20 percent of the total output of the same period fahad bin jumaa was quoted by al-riyadh daily as saying

Earlier minister of petroleum and mineral resources ali al-naimi said oil prices are experiencing a good track

However he did not give more details on the situation in global oil market or the kingdom's production policy the daily said

Jumaa said oil prices worldwide climbed in mid-march triggered with fears emerging from political developments in crimean peninsula and libya whose daily production dropped to 250000 barrels per day he added

The kingdom has reduced its official pricing of its arabian light to asian refineries by $0.20 or an increase of $1.55 per barrel over oman-dubai index price which is considered the lowest since last july (2013) he said. however in the absence of any geopolitical crises oil prices in the asian markets are poised to decline in the next months he said.