Middle East

Saudi Arabia

Saudi Arabia with crude production capacity in excess of 12mn b/d is a critical supplier to global markets and the most powerful voice within Opec. Gas development is an increasingly key priority as the government seeks to erase its shortfall.

State of Play

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, while renewables developments are finally gaining traction.

2019 In Numbers
Crude Output 9.75 mn b/d
Crude Exports 7.037 mn b/d
Gas Output 89.9** bcm
O&G Export Rev. 201 $bn

*End-Year. **2018

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1: Saudi Arabia OSPs To Asia ($/B Vs Oman/Dubai): Discounts Remain Close To All Time Highs. Arab Light Discounted More Heavily Than Medium & Heavy For First Time.

2: Saudi Arabia Hiked Prices To All Regions For June, But Discounts To Asia Were Eased The Least (Arab Medium, $/B Versus Respective Benchmarks)

Saudi Budget Deficit Financing ($Bn): In Recent Years Riyadh Has Increasingly Opted For Debt Rather Than Reserves Drawdowns

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