Saudi oil production – what’s wrong with these figures?

Saudi Arabia, the world’s largest oil exporter, will increase production by 3.4 percent in 2011, according to Banque Saudi Fransi.

Saudi Arabia will pump 8.48 million barrels a day, from 8.2 million in 2010, the Riyadh-based bank known as BSF said in an e-mailed report dated yesterday. That compares with an average of 9.1 million produced from 2004 to 2008, the bank said.

Down from 9.1 million to 8.48. A 0.5 drop, then. But due to a low last year, it’s an ‘up’.

Yeah, right. I wonder if 2010 was an aberration? Or a portent. That water-cut had to hit home at some stage.

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