Saudi Oil Production
Looks like even at current prices and with a relatively weak economy demand is holding up.
Tells me they probably keep hiking prices and spending the proceeds.
Tag Archives: Oil Production
Saudi Oil Production firm at current prices
Saudi Oil Production
Even with crude prices now well over $100 there’s no sign of demand for Saudi crude falling off. I expect they will continue to act as swing producer, setting price and letting quantity adjust, until a large enough supply response forces their production down below 7 million bpd.
Saudi production
Saudis are selling more oil at the higher prices, as they continue to function as swing producer, setting prices and letting quantity adjust.
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Saudi production up to 9.2 mbpd
Opec reported Saudi production was up to 9.2 million bpd.
This means demand has increased at the current posted prices probably making further price hikes are more likely than not.
Bloomberg should have updated production numbers around February 5 for confirmation.
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Saudi production up a tad
Saudi production increased marginally for January, and all indications are net demand is holding up at the higher prices.
While this bodes for continued price hikes, markets may have likely sold off on the news, believing the higher production is a sign of a proactive supply increase that will drive prices down.
It’s the difference between getting your offer lifted vs your bid hit. Saudi (and Russian) offers are clearly getting lifted.
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