Saudi Arabia has turned the tables on the US and in April it reclaimed its crown as the world’s largest oil exporter. Although Saudi exports fell last month as it cut production in line with its deep Opec+ obligations, US exports slumped further as uneconomic wells were shut-in. Looking ahead, deeper cuts may push Saudi volumes back beneath the US this month, before the kingdom returns once again to the top spot.
Saudi Arabia has pledged to cap production at 7.49mn b/d this month, a figure more than 4mn b/d below April’s peak of 11.87mn b/d. Output will then rise back to 8.49mn b/d in July and then to 8.99mn b/d from August (MEES, 12 June). (CONTINUED - 1248 WORDS)