Wednesday, 18 September, 2019

Saudi oil output, export cuts sink deeper than promised

Saudi energy minister says oil market on ‘right track’ as OPEC’s largest producer slashes exports Saudi energy minister says oil market on right track
Russell Knight | 17 January, 2019, 15:39

Opec is cutting production by 800,000 barrels per day and non-Opec members by 400,000 barrels per day.

Oil prices have trended higher since OPEC and partners including Russian Federation agreed in December to slash production.

Responding to the market concerns about potential oil demand as producers try to reverse massive dips in price at the end of 2018, Al-Falih assured that the oil market is on the right track and will soon return to its balance.

"The global economy is strong enough, I'm not too concerned".

"We are assuming no changes in the cut that we have", he said.

Anything that may impact or constrain trade may, by extension, impact energy demand, experts believe, Kallanish Energy understands. They already reduced output by 600,000 barrels a day in December, Al-Falih said last week.

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United States energy consultancy DeGolyer & MacNaughton has concluded that Saudi oil reserves total 268.5 billion barrels, the government said last week.

Al-Falih noted that Saudi Arabia went beyond its commitment as it has lowered both production and exports, saying: "As the new 1.2 MMBD cut materialises, we should start to see the impact positively reflected in inventories, which is the key metric to watch". "The synchronized growth that we have witnessed since the last global financial crisis that has taken this long was also due largely to the growth in worldwide trade". Benchmark U.S. crude stood at $51.59 a barrel in NY.

The kingdom's oil reserves are among the cheapest in the world to recover at around $4 per barrel.

He also added a downturn in oil price is very hurtful and would kill investments in the US.

Last year, media reported that Aramco was planning a US$40-billion bond sale to fund the acquisition that would expand its presence in petrochemicals, but it dropped this plan. The action we've taken quickly in December and implementation of production cuts is a lifeline to U.S. shale oil producers.

He pointed out that the reduction of production will eliminate the excess supply in the markets and expected the volatility to be less when achieving that balance.

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