That move was in response to the then-nascent boom in US shale oil production coming mainly from the Permian Basin, the Bakken Shale, and the Eagle Ford Shale. Saudi and other OPEC officials at the time saw this US shale oil cutting into their market share and decided to mount a defense.
Does Saudi Arabia use palm oil?
A paid subscription is required for full access. In 2020, the palm oil consumption in Saudi Arabia reached500 thousand metric tons, up from 485 in the previous year. Saudi Arabia ranked the 25th highest country in palm oil consumption in the same year.
What is palm oil production line?
Palm oil production line includes three sections, palm oil pressing plant, palm oil refinery plant and palm oil fractionation plant. As the manufacturer of the palm oil production line, we can offer the whole line or part of the palm oil production line for different capacities with turnkey services.
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.