Saudi Arabia's oil exports reached 2.29 billion barrels in the first 10 months of the current year (2014) with proceeds amounting to SR906 billion, local media said quoting an economic expert.

Meanwhile, domestic consumption during the same period reached nearly 693 million barrels, or 23 percent of the total output, Fahad bin Jumaa was quoted by Al-Riyadh daily.

According to Jumaa, the Kingdom exported some 229.4 million barrels in October valued at SR76.6 billion. Domestic consumption in the month stood at 69 million barrels, he said.

He added that oil prices and the Kingdom’s exports have started to decline since the beginning of Q3 of the current year (July) where prices of Brent crude oil for December contracts declined to $86 per barrel by the end of October, the lowest level in more than two years.

Similarly, prices of West Texas oil dropped to $81 per barrel in the same period and, accordingly, price gap between the two crude oils narrowed to $5.

The economic expert attributed price fall to a number of factors, including the increase of exchange rate of the dollar against other currencies, increased oil supplies and slowdown of global demand outside the United States.

Oil production of the Organization of Petroleum Exporting Countries (OPEC) reached a record mark in a two-year period to hit 31 million barrels per day last September as a result of more oil supplies from Iraq and Libya, he said.

However, the Kingdom is expected to keep its current export levels regardless of production cut due to drop in local consumption as summer season is over, he said.

Based on data released by the International Energy Agency (IEA), Saudi Arabia increased its production to 9.73 million barrels per day (mbpd) in September, he added.