Saudi Arabia exports 423m barrels of oil

Saudi Arabia has exported 423 million barrels of oil worth 46.6 billion U.S. dollars in the first two months of this year, local Al Riyadh newspaper reported Monday. The local oil consumption in the same period reached 120 million barrels, representing 22 percent of the total production. The local consumption of oil needs to be reduced through improving public transportation system and encouraging the use of solar energy, said the report, quoting Fahad bin Juma, an economic consultant. Saudi Arabia in March 2012 reportedly became the world's largest oil producers after increasing its production to 9.923 million barrels per day, according to local media.