RIYADH (Reuters)-- Saudi Aramco’s oil output for 2007 fell by an average 400,000 barrels per day from 2006, after the world’s largest oil exporter cut output in line with Opec agreements.

Average daily oil production reached 8.5 million barrels per day in 2007, resulting in a total production of 3.11 billion barrels for the whole year versus 3.25 billion barrels in 2006, according to data from the state-oil firm.
Aramco’s total crude oil exports reached about 2.41 billion barrels in 2007, down 5.1 percent from the 2.54 billion barrels it exported in 2006.
The Far East accounted for 52.1 percent of crude oil exports in 2007, the United States 20.5 percent and Europe 5.1 percent. That compared with 51.6 percent for the Far East, 19.2 percent for the United States and 6.6 percent for Europe in 2006.
Aramco’s gas production totaled 2.92 trillion cubic feet in 2007 down from 3 trillion cubic feet in 2006, and natural gas liquids production slipped to 394.6 million barrels from 399 million barrels in 2006.
With two new finds, Saudi Arabia maintained its recoverable crude oil and condensate reserves unchanged at 259.9 billion barrels in 2007. Gas reserves increased 2.1 percent to 253.8 trillion cubic feet.
Saudi Arabia holds the world’s largest recoverable oil reserves, with more than a fifth of the total.
Refined products output in 2007 declined to 571.06 million barrels from 595.66 million barrels. Aramco exported 136.01 million barrels of refined products in 2007 down from 183.96 million barrels in 2006.
The kingdom, Opec’s largest producer, is boosting its crude oil production capacity and refining capacity in response to global demand. It aims to increase crude output capacity to 12.5 million bpd by 2009 and to 15 million bpd at a later date.