Last quarter marked a major turning point for Saudi Arabia’s oil sector, as the easing of voluntary Opec+ production cuts enabled the first significant production increases in nearly three years. The shackles have gradually been loosened in a series of monthly production increases since April, which will lift Saudi Arabia’s quota by 1mn b/d to 9.98mn b/d in September.
Saudi Arabia’s production averaged 9.31mm b/d in Q2, which was the highest figure since 2Q 2023. The kingdom then implemented a series of voluntary production cuts from May 2023 (MEES, 22 August) which pushed output down below 9mn b/d from 3Q 2023 onwards. Production should increase significantly again this quarter to an average 9.75mn b/d. (CONTINUED - 854 WORDS)
