Saudi Arabia is on course to produce less than 9mn b/d of crude oil for 2024 after last week agreeing to extend its 1mn b/d of voluntary production cuts until the end of November. This will be the first time Saudi production has averaged below 9mn b/d over the course of a full year since 2010 and comes as efforts to stabilize markets through the Opec+ alliance have resulted in substantial market-share losses.
Production is set to average 8.99mn b/d this year, markedly less even than the 9.12mn b/d averaged in the Covid-hit year of 2021 (see chart 1). (CONTINUED - 895 WORDS)
