Saudi Arabia’s export revenues have increased sharply as a result of the Kingdom’s 1mn b/d voluntary crude oil production cuts, bouncing back to a four-month high $20.8bn in August. As the voluntary cuts have accelerated the pace of global destocking, prices were steadily driven up from early-July until the end of September.
Energy Minister Prince Abdulaziz bin Salman Al Saud had unveiled the voluntary cuts on 4 June, following the Opec+ ministerial meeting (MEES, 9 June), but prices were slow to respond. Speaking on 5 July during the Opec Seminar, Prince Abdulaziz said that markets had been “taken hostage” by negativity and that he expected prices to soon rise on tightening fundamentals (MEES, 7 July). (CONTINUED - 875 WORDS)
