Saudi Arabia’s Crown Prince Muhammad bin Salman plans to transform the country and end its “addiction to oil.” But crude oil is set to remain its dominant revenue source and foreign policy tool for the foreseeable future. The kingdom is also eying unconventional gas to ease its gas shortages.
| Crude Output | 10.31 | mn b/d |
| Crude Exports | 7.373 | mn b/d |
| Gas Output | 89.9 | bcm |
| O&G Export Rev. | 231.6 | $bn |
| O&G % Export Rev. | 79 | % |
*End-Year
19 Jul, 2019
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Crude exports and refining runs both fell noticeably in May as the kingdom’s deep production cuts took their toll. Net liquids exports remain on track to break annual records, but without production gains how long can this last?
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