Saudi Arabia exported nearly 466.6mn barrels of crude worth around $24bn in the last two months, local media has reported.
Meanwhile, domestic consumption during the same period reached nearly 150mn barrels, or 20% of total output, Fahad bin Jumaa was quoted as saying by Al-Riyadh daily.
Jumaa said average prices of April contracts for Nimex and Brent crude are poised to stabilise at $50 and $58.40 a barrel, respectively, with price gaps between the two averaged at $9.30.Â
Contracts for the next nine months of the current year indicate that prices of Nymex and Brent will avarage at $54.60 and $61.80 per barrel, respectively, thus bringing price gaps to $7.2, he said.
The news comes as the Organisation of Petroleum Exporting Countries (OPEC) said it expects oil prices to rebound in the second half of 2015.
However, weak global economic growth, big oil surpluses and a strong dollar against other currencies will continue to add pressure to the market, according to the expert.
