Kazakhstan, which overproduced by 120,000 barrels a day, was also singled out. Although Saudi Arabia’s economy depends on higher pricing, a report from last week suggests that the kingdom might be ready to boost its oil output and bolster its market share.
Will Saudi Arabia increase oil output in 2024?
This strategic pivot became evident recently as Saudi Arabia prepared to increase oil output, aligning with broader OPEC+ decisions to gradually unwind some production cuts starting in December 2024.
What are the major oil fields in Saudi Arabia?
Saudi Arabia¡¯s major oil fields include Ghawar, Safaniya, Khurais, Manifa, Shaybah, Qatif, Khursaniyah, Zuluf, and Abqaiq. Global crude (includes lease and plant condensate) oil production is expected to rise from 76.1 million b/d in 2020 to 99.3 million b/d in 2050.
Will OPEC & Saudi Arabia move to higher oil market volatility?
After several years of relative stability in global crude oil markets, speculation is risi ng that strategic shifts from Saudi Arabia, OPEC, and the larger OPEC+ oil cartel could presage another period of higher market volatility in the months to come.