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Saudi Arabia's Crude Oil Production Exceeds 10 Mn Barrels

The oil production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter (File Photo: Reuters)
The oil production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter (File Photo: Reuters)
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Saudi Arabia's Crude Oil Production Exceeds 10 Mn Barrels

The oil production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter (File Photo: Reuters)
The oil production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter (File Photo: Reuters)

Saudi Arabia's crude oil production increased by 110,000 barrels per day (bpd) on a monthly basis in December to 10.02 million barrels per day, according to recent data.

Crude exports slightly dropped from 6.949 million bpd in November to 6.937 million bpd, according to monthly export figures submitted by Saudi Arabia and other oil-exporting countries to the Joint Organizations Data Initiative (JODI).

JODI indicated that Saudi crude production rose last December by 1.04 million bpd.

Saudi Arabia, along with other OPEC member countries, is trying to increase production every month due to rising global demand after recovering from the COVID-19 pandemic.

JODI stated that the total Saudi oil exports, including crude and oil products, rose by 105,000 bpd on a monthly basis to 8.61 million bpd in December.

It added that exports of oil derivatives rose to a three-year high of 1.67 million bpd in December from 1.55 million bpd in November.

Domestic demand for oil products fell to 2.05 million bpd from 2.13 million bpd.

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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.