Saudi Arabia exported nearly 696 million barrels of crude oil in the first three months of the current year with proceeds amounting to SR136 billion, local media said quoting an economic expert.

Domestic consumption during the same period reached nearly 200 million barrels, or 22 percent of the total output, Fahad bin Jumaa was quoted as saying by Al-Riyadh daily.

He said the Kingdom’s oil policy during the next period has been outlined by Minister of Petroleum and Mineral Resources Ali Al-Naimi that the Kingdom would maintain its (production) quota in the market.

Based on the above data, oil supplies are still rising and the global demand weak coupled with accumulated stockpiles globally and high price of dollar against other currencies, he said.

On March 26, oil prices registered higher levels where Brent reached $58.82 per barrel compared to SR51.19 for West Texas brand for the May contracts coincided with the airstrikes in Yemen.

However, these conditions were considered temporary as market factors are still weak and does not support the above price levels, he said.

During the second quarter of the current year, prices of Brent and West Texas are expected to range between 55-60 and 45-50 per barrel, respectively, he said.

The economic expert based his assumptions on the US increased production, which stood at 9.3 million barrels per day (mbpd) whereas its stockpile rose by 8.2 million barrels in the week ended March 20, thus bringing the total commercial stockpile to 466.7 million barrels, the highest in 80 years, he said.