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Saudi Arabia says that it will do the heavy lifting under the latest round of Opec cuts, cutting deeper than its commitment if necessary. Its willingness to do so is not in question, after all it did exactly this under the previous round of cuts in place since January 2017. Yet it can exceed its commitments and still post a year-on-year production increase.
The kingdom’s apparent munificence is taking place from record heights and it can afford to “cut” from these and still produce at a level significantly above that prior to the 2014 price crash. It may even come close to matching 2016’s all-time annual output record. (CONTINUED - 887 WORDS)
DATA INSIDE THIS ARTICLE
|chart||1: Blame It On The Baseline: Of The Opec Members With Production Allocations In Both 2016 And 2018, Three Have Seen Their Baselines Rise ('000 B/D)|
|chart||2: Saudi Crude Oil Production˄ Will Be Second Highest On Record In 2018 Despite Opec Cuts. Its 'Cut' For 2019 Puts It Within Touching Distance Of The 2016 Record (Mn B/D)|