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OIL: Saudi Annual Oil Production Set for First Sub-9m b/d Since 2010: MEES

OIL

Saudi Arabia is on course to produce less than 9m b/d of crude oil in 2024 after agreeing to postpone its voluntary cut unwinding until the end of November.

  • This will be the first time annual Saudi output has averaged below 9m b/d since 2010, MEES said.
  • Production is set to average 8.99m b/d this year, down even from 9.12m b/d in the Covid-hit year of 2021.
  • Despite the voluntary cuts, OPEC+ is struggling to support prices, with Brent recently falling to its lowest level since late 2021.
  • Instead, Saudi and its OPEC+ allies have lost out on market share, opening up an opportunity for non-OPEC producers in the Americas – such as the USA, Brazil, Canada, and Guyana – to fill the void.
  • Not only its output, but also Saudi Arabia’s oil revenues are set for a steep annual decline in 2024 unless there is a late-year steep oil price rebound.
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