Saudi crude stores hit record high
Saudi Arabia 
RIYADH, September 21, 2015 – Saudi Arabia’s inventory of crude oil reached a record high of 320 million barrels in July following months of declining exports.
The estimate of commercial petroleum stockpiles was released by the Riyadh-based Joint Organisations Data Initiative. The figure represents the most Saudi crude recorded in storage since at least 2002.
The country’s crude exports dropped to 7.28 million barrels of oil per day (bopd) in July, down from 7.9 million bopd in March.
The Joint Organisations Data Initiative also reported that Saudi oil production fell by 1.9 percent in July.
Riyadh is stockpiling extra crude in part to supply two new refineries at Yanbu and Jubail, a source told Bloomberg.
The refineries, built as part of the government’s plan to see Saudi Arabia become the world’s second-largest exporter of refined petroleum products, will add 800,000 bopd to the country’s refining capacity.
The refineries both began operations in 2014.
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