• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 4 hours So Is COVID a Media Hoax or Not?
  • 16 mins Joe Biden's Presidency
  • 9 mins Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 15 hours JACK MA versus Xi Jinping
  • 11 hours a In 2020, we produced and delivered half a million cars.
  • 22 hours GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 12 hours Parler’s New Partner Has Ties to the Russian Government
  • 2 hours Thanks to food countersanctiona after 2014 Russia become net exporter of food
  • 24 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 11 hours Did I Miss Something?
  • 15 hours The Debate Starts : Remake Republican Party vs. Third Party
  • 15 hours Deceptions Revealed about the “Nord Stream 2 Pipeline” and Germany
  • 137 days Wind, Solar & Gas in California. How's that working out for you?
  • 1 day Navalny Poisoning Weakens Russo German Relations
Oil Demand Is Still OPEC’s Top Concern

Oil Demand Is Still OPEC’s Top Concern

As the COVID-19 pandemic continues…

Why A Fracking Ban Won’t Kill U.S. Shale

Why A Fracking Ban Won’t Kill U.S. Shale

Fracking has been the cornerstone…

How U.S. Shale Upended Global Crude Flows

How U.S. Shale Upended Global Crude Flows

U.S. shale oil has become…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudis To Pump More Crude Oil In The Next Three Months

Saudi Arabia will boost its crude oil production in the coming months as it expects stronger demand, Oil Minister Khalid al-Falih said this weekend, as quoted by S&P Global Platts, after President Trump last week lashed out at OPEC again for allowing prices to rise too high.

Al-Falih added, however, that production levels will be determined by customer demand and will not be a concerted effort to influence prices. Many would smile ironically at this statement, but it has been Riyadh’s official line that demand is the only factor determining production.

Saudi Arabia pledged in June to increase its crude oil production to help rein in prices, but July saw disappointing daily figures at 10.29 million bpd. In August production rose further, to 10.42 million bpd and this month, said Al-Falih, it will be even higher.

"Our plan is to respond to demand. If demand [for Saudi crude] is 10.9 million b/d you can certainly take it to the bank that we will meet it. But the demand is 10.5 million b/d or 10.6 million b/d. I think October will be more than this," Al-Falih said, speaking on the sidelines of an OPEC meeting in Algiers.

The minister said some clients were already asking for more shipments than they had originally contracted with Aramco, and Al-Falih assured them these additional shipments will be made. At the same time, the Kingdom is stocking up on crude oil at home at abroad, even though overall inventories have been falling sharply recently, raising doubts about Saudi Arabia’s statements that it has enough spare capacity to respond to higher demand after the Iran sanctions kick in in November.

Data from the Joint Organizations Data Initiative showed Saudi Arabia had about 229 million barrels of crude in stock as of July—the lowest since October 2009, S&P Global Platts notes. In July, drawdowns from these inventories averaged 178,000 bpd, up from just 15,000 bpd in the previous month and additions of 30,000 bpd in May.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News