Reuters exclusively reported that Saudi Arabia’s surprise reversal of its oil expansion ambitions was at least six months in the making, after Riyadh concluded its vast spare capacity was enough to supply markets during crises and further investments in new fields would make no economic sense.
EnergyHuman Interest
Saudi Arabia’s capacity U-turn was months in the making
31 January 2024, 10:08 pm 1 minute
Market Impact
Saudi Arabia is the world’s largest oil exporter and is pumping around 9 million bpd, well below capacity after several output cuts coordinated with the de facto Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and its allies.
Article Tags
Topics of Interest: EnergyHuman Interest
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Middle East
Countries: Saudi Arabia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
