Twenty-three percent of Saudi Arabia’s oil production is used for local consumption, said an economic report on Monday. During the first seven months of this year, the Kingdom exported 1.6 billion barrels of oil worth SR657 billion, the report added.

“Local consumption of oil during the same period stood at 475 million barrels or 23 percent of the total production,” the report pointed out.

The report came as the Organization of Petroleum Exporting Countries (OPEC) predicted a fall in demand for oil this year. However, OPEC increased its output in July despite the violence in Iraq and Libya.

Fahd bin Juma, an economic consultant, said world demand for oil rose to 89.9 million barrels per day while supplies stood at 90.1 million bpd, bringing down prices to $102 per barrel.