• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 14 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 5 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 18 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Editorial Dept

Editorial Dept

More Info

Premium Content

Saudi Arabia's Oil Earnings Drop

1. Saudi Arabia Takes One for the Team

- Saudi Arabia’s decision to unilaterally cut 1 million b/d of production in July 2023 has so far been backfiring as oil prices dropped back to levels seen before the OPEC+ summit, brushing aside the Middle Eastern kingdom’s pledge.

- The Saudi government remains optimistic and is still expecting an annual fiscal surplus of 4.3 billion this year, although the IMF’s breakeven level of $81 per barrel looms large.

- According to Bloomberg, if one is to account for Saudi Arabia’s giga projects (such as the new city of Neom) which the IMF treats separately, the country’s breakeven level would rise to $95 per barrel.

- The International Monetary Fund came out this week saying that OPEC+ production cuts would lower Saudi Arabia’s GDP growth in 2023 to 2.1%, after last year’s unprecedented 8.7%.

2. Canadian Wildfires Become a Large-Scale Risk Again

- A return to above-normal temperatures and prolonged dry weather has led to a resurgence in wildfires across Western Canada, impacting oil and gas production in the province of Alberta.

- Following a steady rebound in Canadian gas production by the end of May, gas output has dropped below the 18 BCf per day mark again as the number of out-of-control fires rose to 17 lately.

- The three most impacted Alberta producers – Cenovus Energy, Crescent Point, and Paramount Resources – have restarted…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News