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Monday, Apr 15, 2024

Saudi Extends Voluntary Oil Cut Of 1 Million Barrels Per Day Until Mid-2024

Saudi Arabia will continue its voluntary oil production reduction of one million barrels per day until mid-2024, aligning with some OPEC+ nations.
This initiative, first implemented in July 2023, aims to bolster market prices and stability. It coincides with Russia's decision to cut its own production and follows several OPEC+ members' prior reduction efforts that temporarily lifted prices without a sustained recovery.

The recent announcement implies that Saudi production will remain at around nine million barrels per day, significantly lower than its twelve million barrel capacity.

This restraint supports Crown Prince Mohammed bin Salman's Vision 2030 plan for economic diversification and aligns with the kingdom's 2060 net zero carbon emissions target.

State-owned Aramco is also committed to an "operational net-zero" goal by 2050, focusing on expanding into gas and renewable energy sectors. Despite a high-profit year due to the Ukraine crisis, Aramco's earnings have dipped in recent quarters, with further reports pending.

Analysts suggest that by maintaining reduced production levels amidst weak demand, Saudi Arabia could keep Brent Crude around $81 per barrel in 2024, a significant level for the nation's budget requirements.

However, with ongoing spending on reform programs, the kingdom anticipates budget deficits until at least 2026.
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