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Saudis Take The Lead In New Round Of OPEC+ Cuts

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In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Saudi Arabia Leads OPEC+ by Example

• According to Kpler vessel tracking data, Saudi oil exports are down almost 0.5 million b/d this month compared with the previous month, dropping back to June-July levels of production.
• At the same time, UAE exports are going up instead of declining, implying that Saudi Arabia is the main driver behind OPEC+’s production-cutting commitment.
• The assertiveness of Saudi policy could also be seen in its energy minister’s speech at COP27, saying the world was hoping to crucify Saudi Arabia and that Riyadh would be monitoring other countries’ renewable plans to see if they match theirs.
• Following a one-month hiatus OPEC+ is set to meet again in two weeks in Vienna, with Saudi Arabia warning that the oil group will remain cautious on production discipline.

2. Renewable Energy Investment in Africa Collapses

• COP27 reports were mostly disappointing, and Africa’s energy hunger has become a key talking point as endless debates over the continent’s rights to develop its natural gas resources have soured the mood.
• According to Bloomberg, global investment into Africa’s renewable energy projects fell to an 11-year…

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