Economics
Saudi Crude Stocks at Record High Amid Quest to Keep Share
- Exports fall as output stays above 10 million barrels a day
- Nation leading OPEC to defend market share as prices fall
Saudi Arabia Said to Delay Contractor Payments
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Saudi Arabia, the world’s largest oil exporter, is storing record amounts of crude in its quest to maintain market share as it cut shipments.
Commercial crude stockpiles in August rose to 326.6 million barrels, the highest since at least 2002, from 320.2 million barrels in July, according to data posted on the website of the Riyadh-based Joint Organisations Data Initiative. Exports dropped to 7 million barrels a day from 7.28 million.