Saudi Arabia increases its oil reserves up to maximum of 13 years

Commercial crude stockpiles in August rose to 326.6 million barrels, the highest since at least 2002, from 320.2 million barrels in July, the Riyadh-based Joint Organisations Data Initiative said. 

Exports dropped to 7 million barrels a day from 7.28 million.

Crude inventories have been at record highs since May, in June Saudi Arabia’s production hit an all-time high of 10.56 million barrels a day, Interfax reports.