Saudi Arabia’s state-owned oil giant has “mega investment” plans for the world’s fastest growing oil market, according to Saudi Arabian Oil Co.’s chief executive officer.
Saudi Arabia has cut crude oil allocations for November by 560,000 barrels per day (bpd), an oil ministry spokesman said on Monday, in line with the kingdom’s commitment to an OPEC-led supply reduction pact.
In recent days, most of OPEC members have been echoing the term “ oil marketis balancing” now in response to the effectiveness of their landmark 1.8 million barrels per day output cut pact since 2008 along with Russia.
Saudi Arabia’s government is accelerating its economic reforms while revising some of them to give ministries more flexibility in meeting their targets, the information ministry said.
Stock markets in the Gulf were mixed on Wednesday, with Saudi Arabia dragged down by a drop in crude oil prices while blue chips led gains the United Arab Emirates and Qatar higher.
Oil prices extended gains on Tuesday after OPEC moved to cap Nigerian oil output and Saudi Arabia pledged to limit exports next month to help rein in global oversupply.
Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with production cuts to help rein in global oversupply and tackle flagging prices.
At last, Saudi Arabia seems to be doing what it takes to reduce the world’s most visible oil glut: the one in the US.
Residual fuel consumption in Saudi Arabia jumped to 625,000 bpd in April, the highest since October last year, and contrary to the general global trend of declining fuel oil demand worldwide, according to the International Energy Agency (IEA).
Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment, a Saudi industry source said.