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2018-09-03 15:15:00

SAUDIS OIL PRODUCTION: 10.4 MBD

SAUDIS OIL PRODUCTION: 10.4 MBD

PLATTS - Saudi Arabia will report August crude oil production of 10.424 million b/d, an OPEC source told S&P Global Platts on Friday. The figure represents a 136,000 b/d increase from July, when Saudi Arabia, OPEC's largest producer and the world's largest crude exporter, self-reported production of 10.288 million b/d.

The kingdom supplied to market 10.467 million b/d in August, the source added on condition of anonymity. That means the sum of crude exported to customers, consumed by Saudi refineries and burned by domestic power plants, slightly exceeded the amount of crude that was pumped out of the ground in the month, indicating a draw of barrels held in storage.

The August figures reflect Saudi customer demand, the source said.

July production had been down partly because of a July 25 attack on two VLCCs in the Red Sea owned by state oil company Saudi Aramco, the source said. The attack prompted the company to suspend shipments through the Bab al-Mandab strait until August 4.

OPEC on June 23 agreed with 10 non-OPEC partners to end overcompliance with their production cuts and boost output by a collective 1 million b/d to replace barrels expected to be shut in by the reimplementation of US sanctions on Iran and Venezuela's economic freefall.

Saudi Arabia's quota under the deal was 10.06 million b/d.

The market has been closely watching Saudi production, as it holds the bulk of global spare capacity and has indicated its willingness to serve as the world's primary swing producer.

OPEC is set to reveal its August production figures in its monthly oil market report September 12.

A six-country OPEC/non-OPEC monitoring committee overseeing the supply accord is set to meet September 23 in Algiers to review market conditions and decide on next steps. The committee is chaired by Saudi energy minister Khalid al-Falih.

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Earlier:

SAUDI ARAMCO NEW CONTRACT
2018, August, 29, 10:05:00

SAUDI ARAMCO NEW CONTRACT

FT - Saudi Arabia has cut the length of time that its state energy company has exclusive rights to the kingdom’s vast oil and gasfields, raising questions about Saudi Aramco’s long-term production and revealing a power struggle between the company and the government.

 
 SAUDI ARAMCO IPO
2018, August, 24, 11:25:00

SAUDI ARAMCO IPO

ARAB NEWS - The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum. This timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the Company will pursue in the next few months, as directed by its Board of Directors.

 

 SAUDI ARAMCO: THE GLOBAL LEADER
2018, August, 20, 14:15:00

SAUDI ARAMCO: THE GLOBAL LEADER

SAUDI ARAMCO - 2017 highlights: Produced an average of 10.2 million barrels per day of crude oil including condensate Increased amount of natural gas supplied for fourth straight year, to an average of 8.7 billion standard cubic feet per day Crude oil exports averaged 6.9 million barrels per day

 

 

 SAUDIS OIL PRICES DOWN
2018, August, 3, 09:55:00

SAUDIS OIL PRICES DOWN

BLOOMBERG - Saudi Aramco, as the state-owned company is known, cut pricing for September shipments of all grades to Asia, its largest market. Aramco set the premium for Arab Light crude to Asia at $1.20 a barrel above the Middle East benchmark, it said Thursday in an emailed price list. The reduction of 70 cents for Arab Light was the second consecutive monthly cut for the grade and was 10 cents deeper than the median estimate of five traders in a Bloomberg survey.

 SAUDI ARABIA & RUSSIA: +1 MBD
2018, July, 4, 12:20:00

SAUDI ARABIA & RUSSIA: +1 MBD

BLOOMBERG - Saudi Arabia and Russia reaffirmed an agreement between OPEC and its allies, which they say will mean increasing oil production by 1 million barrels a day.

 

 

 RUSSIA - SAUDIS SUPER OPEC
2018, June, 22, 13:25:00

RUSSIA - SAUDIS SUPER OPEC

BLOOMBERG - Russian Oil Minister Alexander Novak said in a speech yesterday that “we need to build upon our successful cooperation model and institutionalize its success through a broader and more permanent strategically focused framework.” His Saudi counterpart Khalid Al-Falih echoed those comments.

 

 ОТНОШЕНИЯ РОССИИ И САУДОВСКОЙ АРАВИИ
2018, June, 15, 11:30:00

RUSSIA - SAUDI ARABIA COOPERATION

ARAB NEWS - Saudi Arabia’s Crown Prince Mohammed bin Salman held talks with Russian President Vladimir Putin in Moscow Thursday.

Tags: SAUDI, ARABIA, OIL, PRODUCTION

Chronicle:

SAUDIS OIL PRODUCTION: 10.4 MBD
2018, December, 17, 10:15:00

QATAR'S LNG FOR PAKISTAN

TP - With fast growing demand and expanding gas receiving capacity in Pakistan, the South Asian nation is expected to source more liquefied natural gas (LNG) from Qatar, said the country’s visiting Finance Minister Asad Umar.

SAUDIS OIL PRODUCTION: 10.4 MBD
2018, December, 17, 10:10:00

QATAR'S INVESTMENT FOR U.S.: $20 BLN

REUTERS - Qatar Petroleum (QP) is looking to invest at least $20 billion in the United States over the coming few years, its chief executive told Reuters, after the Gulf Arab state unexpectedly quit OPEC this month.

SAUDIS OIL PRODUCTION: 10.4 MBD
2018, December, 17, 10:05:00

U.S. INDUSTRIAL PRODUCTION UP 0.6%

U.S. FRB - U.S. industrial production rose 0.6 percent in November after moving down 0.2 percent in October; the index for October was previously reported to have edged up 0.1 percent. In November, manufacturing production was unchanged, the output of mining increased 1.7 percent, and the index for utilities gained 3.3 percent.

SAUDIS OIL PRODUCTION: 10.4 MBD
2018, December, 17, 10:00:00

U.S. RIGS DOWN 4 TO 1,071

BHGE - U.S. Rig Count is down 4 rigs from last week to 1,071, with oil rigs down 4 to 873 and gas rigs unchanged at 198. Canada Rig Count is down 12 rigs from last week to 174, with oil rigs down 7 to 95 and gas rigs down 5 to 79.

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