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Saudi Arabia Oil and Gas Report Q1 2014

Saudi Arabia Oil and Gas Market: New market analysis released


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2014-02-10 00:11:02 - Saudi Arabia Oil and Gas Report Q1 2014 - a new market research report on companiesandmarkets.com

We are holding on to our forecast for oil production to register a year-on-year decline in 2013, with production falling around -1.2% from last year to average just over 11.5mn barrels per day (b/d) and staying largely flat into 2014. Rising production elsewhere and need to support prices supports our view that production will be largely flat on 2013 despite growing demand for crude to feed a rising downstream sector. Yet given Saudi Arabia´s pivotal role in balancing the world oil market, there are both upside and downside risks to this view in line with the state of the oil market globally, which for now is trending toward surplus notwithstanding the risk of continued supply disruptions. The outlook for gas

 

 

remains tight, despite ambitious plans to tap unconventional resources; we believe that rising consumption and faltering supplies may yet see the Kingdom seriously consider imports.

We highlight the following trends and developments in Saudi Arabia´s oil & gas sector:

- We are holding on to our forecast for oil production to register a year-on-year decline in 2013, with production falling around -1.2% from last year to average just over 11.5mn barrels per day (b/d). We are pricing in a gradual recovery from 2014 onwards, but given Saudi Arabia´s pivotal role in balancing the world oil market, there are both upside and downside risks to this view in line with the state of the oil market globally, which for now is trending toward surplus notwithstanding the risk of unforeseen disruptions.

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