#Oil Production
The country aims to boost its oil output to 4 million bpd by 2035, having previously missed a goal of reaching that level by 2020
The weaker outlook highlights the dilemma faced by OPEC+, which is planning to start raising output in December
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said OPEC+ could pause or reverse the production hikes if it decided the market is not strong enough
The kingdom’s GDP decreased by 1.7 per cent in Q1 2024, as cuts to oil production have continued to weigh on the country’s economy.
Iraq has repeatedly said it is committed to voluntary cuts but pumped over its output quota by a cumulative 602,000 bpd
Morgan Stanley expects oil demand to grow at 1.5 million bpd this year which is slightly above the historical trend growth
Aramco chief executive Amin Nasser said he expected oil demand to increase to 104 million bpd this year and to 105 million bpd in 2025
The level of spare capacity – or the perception of how much is available – can influence world oil prices.
Based on the voluntary cut, the kingdom’s production in December will be approximately nine million barrels per day
Oil Minister Saad Al Barrak said the state firm aimed for net zero carbon emissions by 2050
Oil prices rose above $90 a barrel for the first time in 2023 on the back of the announcements made by Saudi Arabia and Russia
Since July, the kingdom has pledged to implement a unilateral production cut of one million barrels a day on top of existing curbs
The world’s largest oil company reported that it had paid out a base dividend for Q1 2023 of $19.5bn in the second quarter, which was up 4 per cent year-on-year
The impact of a slowdown in Saudi Arabia will be felt across the Middle East and Central Asia
According to Mubadala Petroleum, this achievement marked a 22 per cent increase in production from 2021
Last month, the 10 OPEC nations in the accord managed only 60 per cent of their stipulated 250,000 barrel-a-day increase