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US EIA: Non-OPEC Countries will Account for a Higher Percentage of Oil Production Gains this Year and Next
Non-OPEC countries will account for a higher percentage of oil production gains this year and next, the U.S. Energy Information Administration predicted on Tuesday – a reversal of the last two years.
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Bilal Saab on U.S.-Saudi military cooperation, how the Kingdom is performing on its green initiative, and more
The 966 welcomes back onto the program Bilal Saab, political-military analyst on the Middle East and U.S. policy toward the region and Senior Fellow and Director of the Defense and Security Program at the Middle East Institute. The hosts ask Bilal about his recent piece, entitled “After Oil-for-Security: A Blueprint for Resetting U.S.-Saudi Security Relations.” Before […]
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Challenges Remain for Investment into Saudi Arabia as FDI Falls 60% in 2022
Foreign direct investment (FDI) into Saudi Arabia fell by almost 60% in 2022, the first annual drop in five years and the second largest drop in more than 15 years, according to new data.
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An evolving U.S.-Saudi relationship, jaw-dropping developments and progress on the Red Sea, and much more….
Episode 78! The 966 hosts fly solo this week ahead of a busy week of travel to Saudi Arabia and the region and an impressive slate of forthcoming guests in the coming weeks. This week the hosts discuss a recent collection of articles and items in the media that paint a picture of a U.S.-Saudi […]
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Saudi Arabia Records 31 Percent Rise in Government Revenues in 2022 – MOF
Saudi Arabia recorded a 31 percent rise in government revenues to reach SR1.26 trillion ($335.6 billion) in 2022, the Ministry of Finance said on Thursday.
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Polish Prime Minister Mateusz Morawiecki Visits Riyadh, Meets with Crown Prince Mohammed bin Salman
Saudi Arabia’s Crown Prince Mohammed bin Salman “reviewed relations and issues of mutual concern” with Polish Prime Minister Mateusz Morawiecki on Tuesday in Riyadh.
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Saudi Economy in 2023 Report: Saudi Non-Oil Economy Forecasted to Grow Over 5% — Jadwa Investment
Riyadh-based Jadwa Investment says it sees Saudi Arabia’s non-oil economy continuing its growth streak through 2023, “growing well in excess of 5 percent,” according to a report issued by Jadwa.
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Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Makes Surprise Visit to Ukraine, Signs Deals
Saudi Arabia’s foreign minister Prince Faisal bin Farhan Al-Saud made a surprise visit to Ukraine’s capital, Kiev, and met with Ukraine’s President Volodymyr Zelenskiy, his chief of staff Andriy Yermak, his Ukrainian counterpart Dmytro Kuleba, and others.
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MENA Region Rushes Aid to Turkey, Syria
In the wake of the February 6th 7.8-magnitude earthquake that devastated large areas of Turkey and Syria many countries, including those in the MENA region, are rushing aid to the area.
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IMF Head Says Gulf Economies are Becoming More Resilient to Energy Prices
Governments of Gulf countries have made progress toward diversifying their economies away from oil by opening up to private investment and implementing taxes, according to comments from Kristalina Georgieva, the head of the International Monetary Fund.
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MUST-READS
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US extends lead on Saudi Arabia, Russia in oil production race
Adapted from a new Energy Information Administration primer, the above graphic showing the U.S. producing more than any country in history is kind of an ink-blot test. Backers of the U.S. industry see an economic driver that provides global leverage as exports rise too. But climate groups are dismayed by growing fossil fuel development and say it cuts leverage in pushing other countries on energy transition. What's next: Don't expect anyone to catch up in the foreseeable future, EIA notes, because no other country has so much production capacity.
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Is Saudi Aramco cooling on crude oil? Don’t bet on it
Has Saudi Arabia stopped believing in a bright future for petroleum? That is the question that in recent weeks has hung over Saudi Aramco. The desert kingdom’s national oil goliath has a central position in the world’s oil markets. Its market value of $2trn, five times that of the second-biggest oil firm, ExxonMobil, and its rich valuation relative to profits are predicated in large part on its bountiful reserves of crude and its peerless ability to tap them cheaply and, as oil goes, cleanly (see chart 1). So Saudi Arabia’s energy ministry stunned many industry-watchers in January by suspending the firm’s long-trumpeted and costly plans for expanding oil-production capacity from 12m to 13m barrels per day (b/d). Was it proof that even the kingpin of oil had finally accepted that oil demand would soon peak and then begin to decline?
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US leads global oil production for sixth straight year- EIA
U.S. crude oil production lead global oil production for a sixth straight year, with a record breaking average production of 12.9 million barrels per day (bpd), the Energy Information Administration (EIA) said in a release on Monday. In December, U.S. crude oil production hit a new monthly record high of over 13.3 million bpd, the agency said. "The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row," the EIA added. The EIA says it is unlikely that the record will be broken by another country in the near term.
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Saudi Aramco raises 2030 gas target as capex growth to slow on oil
Saudi Arabia's energy giant Saudi Aramco raised its target for increased natural gas production on March 10 and lowered its capital expenditure forecast for crude oil after being ordered to halt work on expanding oil production capacity.
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Aramco seeks more investment opportunities in China, sees healthy oil market in 2024: CEO
On an earnings call, Nasser added that the global oil market is expected to remain healthy for the rest of the year and increase by roughly 1.5 million barrels, according to Reuters. The CEO also predicted that global oil demand will reach 104 million barrels per day in 2024, up from an average of 102.4 million barrels in 2023. Aramco, he added, is targeting a 60% boost in gas production by 2023, compared to 2021 levels.
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Saudi Arabia Raises Oil Prices for Asia
Saudi Arabia raised the official selling prices of its crude for Asian buyers following the extension of the OPEC+ production cut agreement until the end of the first half of the year. The price for the country’s flagship Arab Light grade was raised by $0.20 per barrel over the Oman/Dubai average, Reuters reported, meaning April deliveries will cost $1.70 per barrel more than the Oman/Dubai average, up from $1.50 per barrel this month. At the same time, Aramco lowered its prices for European buyers, by between $0.60 and $0.70 per barrel. Prices for sales to the United States were virtually unchanged.
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OPEC+ members extend oil output cuts to second quarter
OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group. Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd.
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Saudi Arabia and the UAE among Opec+ members extending oil output cuts
Several members of the Opec+ group oil producers, including Saudi Arabia, the UAE and Kuwait, will extend oil output cuts as part of efforts to support market balance and stability. In total, Opec+ members are extending additional voluntary cuts of 2.2 million barrels per day to the end of second quarter, the Opec secretariat said in a statement on Sunday. The caps on production are calculated from the 2024 required production level, set out in the Opec ministerial meeting in June last year. The move is in addition to the cuts announced in April last year, which have been extended until the end of 2024.
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OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants
Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organization noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024's second quarter.
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OPEC to Extend Oil Production Cuts Through June
Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, said Sunday that it would extend cuts in oil production through June, noting that it was acting “in coordination with some” other states. Saudi allies including Kuwait and the United Arab Emirates said Sunday that they would also continue their reductions. The decision to keep output cuts in place was expected and appears intended to bolster what might otherwise be weak oil prices. Some analysts forecast that the supply of oil will exceed demand in the first half of this year. Without continued cuts, prices might sink.
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