| PE, MBA | Engineering and Operations Support | Sr. Project/Field Engineering & Planning | Delivery Mgmt. | MPD/UBD SME | MPD, CHCD/PMCD, UBD & Air Drilling Senior Advisor | Master Classes Instructor for MPD and UBD |
Saudi Arabia Shifts Gears: Abandoning USD$100 Crude Target to Regain Market Share Saudi Arabia is set to abandon its unofficial USD$100 crude target, opting to increase production and reclaim market share, even if it means lower prices. This strategic shift comes as OPEC+ faces reduced market share due to increased supply from the US and other producers. Saudi Arabia is reportedly considering abandoning its ambitious goal of achieving 12 million barrels of crude production per day (MBD). This potential change in strategy could be driven by a focus on regaining market share and responding to market dynamics, rather than solely maximizing output. Key Highlights ✅ Project: Shift in oil production strategy ✅ Resource: Crude Oil ✅ Potential Reasons: - Regaining market share - Responding to market conditions - Moving away from a volume-focused production strategy ✅ Details: Saudi Arabia's Production Increase: 2.2 million barrels per day will be brought back online over 10 months starting December 2024 ✅ OPEC+ Market Share: Slipped to all-time lows due to output cuts and increased supply from US and other producers. ✅ Global Oil Demand: Weak growth in China and increased non-OPEC+ production impact oil prices. ✅ Saudi Arabia's Funding Options: Foreign reserves and debt will help withstand potential lower prices. Food for Thought: - What are the potential consequences of this shift on oil prices and the global energy market? - How might other major oil producers react to this change in strategy? - Could this signify a broader move towards a more market-driven approach to oil production? - How will OPEC+ members adapt to changing market dynamics? #SaudiArabia #Aramco #OPEC #EnergyShift #MarketShare #CrudeOil #OilMarket #EnergyMarket #OPEC #OilPrices
