Saudi Arabia has cut oil output significantly over the past year or so but that hasn’t prevented global oil prices from falling. Despite Aramco’s announcement today that it is postponing plans to raise production capacity to 13mn bpd, we think looming peak oil demand will prompt a reversion to the efforts under previous Oil Minister Ali Al-Naimi during 2014-16 to ramp up oil production to regain market share.
In view of the wider interest, we are also sending this Middle East & North Africa Economics Update to clients of our Energy service.
Note: Join our special online briefing on Middle East conflict, shipping disruptions, energy markets and the inflation outlook on 7th February. Register here for the 20-minute session.
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