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Saudi Arabian crude output is set to average over 10mn b/d through to the end of next year, according to influential local investment bank Jadwa.
Saudi crude production has already chalked up a record six straight months of output over 10mn b/d: the result of a ‘market share over price’ policy championed by the kingdom within Opec (see p8) and a ramp up in the kingdom’s refining throughputs that mean higher production is needed in order to maintain crude export volumes.
The kingdom’s crude output for both 2015 and 2016 will average 10.1mn b/d, Jadwa Investment said this week in its September report on the Saudi economy. In fact, given that Saudi output averaged 10.2mn b/d for the first eight months of 2015, up 5% on the same period a year earlier, the 10.1mn b/d annual figure implies that output will dip to average 9.8mn b/d for the remainder of 2015 before rebounding next year. (CONTINUED - 756 WORDS)