Saudi Cuts Deep To Boost Prices, But Will Us Shale Pocket The Gains?

Saudi Energy Minister Khalid al-Falih says the kingdom has already cut crude output to below 10mn b/d. Signs that Opec is serious in complying with its 30 November output deal have boosted prices providing a much needed shot in the arm for battered Opec economies. But whether they will be the long-term ‘winners’ is less clear.

“[Saudi] oil production now is below 10 million [b/d] so far [in January]... we’re going the extra mile to lead our colleagues within and outside of Opec to make sure that the market sees that there’s serious action in place,” Mr Falih told reporters on the sidelines of the Atlantic Council Global Energy Forum in Abu Dhabi on 12 January, Bloomberg reports. (CONTINUED - 1871 WORDS)

DATA INSIDE THIS ARTICLE

table OPEC Wellhead Production, December 2016 (Mn B/D, Mees Estimates)
chart Eia Hikes Us Crude Output Forecasts: Latest 2017 Forecast 800,000 B/D Higher Than That Made 6 Months Ago (Mn B/D, By Date Of Forecast)