Saudi Aramco’s hydrocarbon production increased by more than 5% in Q2 despite the start of voluntary Opec+ production cuts in May, with executives ascribing the increase to higher gas output. Production increased from 12.8mn boe/d in Q1 to 13.5mn boe/d last quarter, and Aramco CFO Ziad al-Murshed told a 7 August media call that “the main driver for that was an increase in gas production, which is seasonal, as we approach the summer.”
Aramco no longer provides a gas/liquids output split in its quarterly reports, but MEES calculates that its crude oil production fell from 10.26mn b/d in Q1 to 10.06mn b/d in Q2 due to Opec+ cuts. The implied non-crude production – natural gas and NGLs – therefore increased sharply quarter-on-quarter from 2.54mn boe/d to 3.44mn boe/d. On a year-on-year basis, implied non-crude output is also up, from 3.16mn boe/d, although it remains down on 3Q 2022’s 3.61mn boe/d. (CONTINUED - 847 WORDS)
