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Saudi Oil Output Sets Record Despite Global Glut
Keywords: Saudi, Iran, Opec, Oil Policy, 2016 Oil Production,
Saudi Arabia continued to follow a policy of high oil production in 2016, and reported that it produced 10.67 million barrels a day in July 2016. Iran is producing at a pre-sanction level of 4 million barrels a day. 2017 oil demand prediction by OPEC is at growth of 1.15 million barrels a day. Experts says that the interests of Iran and the Saudis may be converging to reduce production as they face low oil prices. Iran needs to make large investments and Saudis face budget cuts with low oil prices. They point to this cooperation being temporary as there are issues of competing politics in the region, and beyond that both countries seek to expand their market share.
Saudi Arabia and oil prices- 2011-2018
02/04/2006
Grouped Articles
Oil Prices Continue Decline, Pressured by Saudi Action to Defend Market Share
New York Times 10/02/2014
OPEC Members’ Discord Adds to Slide in Oil Prices
Wall Street Journal 10/04/2014
Oil Markets Fly Into a Perfect Storm
Wall Street Journal 10/09/2014
Oil companies: Unsustainable energy
Economist 10/14/2014
Oil prices plunge as production rises, fueling concern in OPEC - The Washington Post
Washington Post 10/15/2014
Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
New York Times 10/15/2014
Saudi oil price strategies in 2014-2016
10/15/2014
Grouped Articles
As Oil Prices Plummet, Saudi Arabia Faces a Test of Strategy
New York Times 10/15/2014
Refining Saudi Arabia’s Oil Strategy
Wall Street Journal 11/03/2014
Saudi Price Cut Upends Oil Market
Wall Street Journal 11/04/2014
Energy Quakes as OPEC Stands Pat
Wall Street Journal 11/28/2014
OPEC’s Weapon of Mass Inaction
Wall Street Journal 11/28/2014
Free Fall in Oil Price Underscores Shift Away From OPEC
New York Times 11/28/2014
The effect of sharp oil price declines in 2015 on Saudi Aramco
02/20/2015
Saudi Aramco is seeking price cuts from suppliers as it faces a sharp decline in oil prices.
Grouped Articles
Oil-Drop Pain Spreads to Saudi Arabia’s Energy Behemoth
Wall Street Journal 02/20/2015
As Saudis Keep Pumping, Thirst for Domestic Oil Swells
Wall Street Journal 07/04/2015
U.S. Oil Prices Hit Fresh Six-Year Low, Dipping Below $40 a Barrel
Wall Street Journal 08/23/2015
From Venezuela to Iraq to Russia, Oil Price Drops Raise Fears of Unrest
New York Times 08/24/2015
OPEC’s Oil Output Strategy Seen Potentially Backfiring
Wall Street Journal 11/10/2015
Saudi Arabia, Squeezed by Low Oil Prices, Cuts Spending to Shrink Deficit
New York Times 12/28/2015
How the Saudis are coping with lower oil prices and revenues- cutting gasoline subsidies and other spending to reduce budget deficits in 2016
12/28/2015
Gasoline prices for some grades of gasoline sold in Saudi gas stations will increase by 50% as the Saudi Finance Ministry copes with dropping oil revenues. The 2016 budget shows adeficit of $87 billion compared to $98 billion in 2015. At this rate Saudi Arabia would exhaust its foreign exchange reserves of $640 billion by 2020. Saudi Arabia has a rapidly growing population which will increase budget pressures and local oil demand. Its defense spending to counter Iran and Russia in the Syria-Iraq conflict and in Yemen also affect spending. Lower oil prices are partly a result of the geopolitical conflict in the region and rivalry betweeen Iran backed by Russia and Sunnis led by the Saudi and Emirates, as well as technology in shale oil production. This comes at a good time for China as it slows, India as it increases its growth rate, and the U.S. and Eurozone as their economies recover from a deep recession, Japan as it improves its economy from low or no growth. For Russia it is seen as away to shift away from imports to domestic industry. For the Saudis an opportuntiy to cut subsidies and improve the productivity of spending.
Grouped Articles
Saudi Arabia, Squeezed by Low Oil Prices, Cuts Spending to Shrink Deficit
New York Times 12/28/2015
Oil Prices at $30 Bend Nations, But Which Ones Could Break?
Wall Street Journal 01/13/2016
Saudi Arabia Keeps Pumping Oil, Despite Financial and Political Risks
New York Times 01/27/2016
Oil-Price Poker: Why the Saudis Won’t Fold ‘Em
Wall Street Journal 02/01/2016
Young Saudis See Cushy Jobs Vanish Along With Nation’s Oil Wealth
New York Times 02/16/2016
Weak Oil Prices Curbing Production
Wall Street Journal 04/13/2016
The Saudi currency, Riyal, its peg to the U.S. dollar and the impact of oil prices below $40 in 2016
01/06/2016
A weakening Riyal and the prospect of a removal of the peg to the dollar is seen as a possible economic policy action by the Saudis. Conversion to local currency of dollars at a higher rate would help the economy but pose difficulties for firms and consumers with rising import prices.
Grouped Articles
Pressure Grows on Saudi Arabia to Ditch Dollar Peg
Wall Street Journal 01/06/2016
Oil Plunge Sparks Bankruptcy Concerns
Wall Street Journal 01/12/2016
Saudi Arabia Says It Remains Committed to Dollar Peg
Wall Street Journal 01/12/2016
Oil Prices at $30 Bend Nations, But Which Ones Could Break?
Wall Street Journal 01/13/2016
Saudi Arabia Keeps Pumping Oil, Despite Financial and Political Risks
New York Times 01/27/2016
Saudis Moving to Reduce Dependence on Oil Money
New York Times 04/01/2016
Saudi oil price cuts in November 2014 to increase U.S. market share- with market share decline to 4.6% in August 2014 from 7% in August 2013
11/04/2014
U.S. imports of Saudi oil declined to 894,000 barrels a day from a high of 1.6 million a few months earlier. Saudi price cuts in November 2014 in the U.S. market, while decreasing prices in tight Asian markets, was designed to reverse the drop in market share. NYMEX price of oil dropped below $80 by early Nov. 2014.
Grouped Articles
Saudi Price Cut Upends Oil Market
Wall Street Journal 11/04/2014
Energy Quakes as OPEC Stands Pat
Wall Street Journal 11/28/2014
OPEC’s Weapon of Mass Inaction
Wall Street Journal 11/28/2014
Free Fall in Oil Price Underscores Shift Away From OPEC
New York Times 11/28/2014
Oil Slide Deepens, Ruble Crumbles
Wall Street Journal 12/01/2014
Oil Prices Slip Further After IEA Report
Wall Street Journal 12/12/2014
Saudi oil policy under King Salman in 2015-2016
01/23/2015
Oil policies will be decided by the same group of advisors around King Abdullah. As most advisors, including oil minister Naimi, 79, who conducts OPEC negotiations, are from an older generation, the long term future remains uncertain.
Grouped Articles
New King in Saudi Arabia Unlikely to Alter Oil Policy
New York Times 01/23/2015
Washington Post 01/24/2015
Washington Post 01/24/2015
King Salman of Saudi Arabia Names Mohammed bin Nayef Next in Line of Succession
New York Times 04/29/2015
A Saudi Royal Shake-Up With a Goal of Stability
New York Times 04/29/2015
Young Saudi Royals Rise as Kingdom Tries to Assert Regional Leadership
Wall Street Journal 04/30/2015
Saudi oil production policy in 2016, and the prospect of low oil prices for the long term
01/27/2016
With Iran expected to add its production to supplies following lifting of sanctions in 2016, the Saudis would lose market share if they cut production. The Saudis are also on opposite sides with Iran and the Shiite government in Iraq, in the Middle East conflict. Russia is also on the opposite side of this conflict. As a result the Saudis are likely to stick to policy of full production with no cutbacks for the long term. When the Saudis made the policy decision at OPEC meetings in 2014 to not cut back on production as prices declined, it may have been done with the idea of revising policy later on. In 2016 with added Iranian production, this flexibility is diminished. Russia's bombing campaign in Syria, and its ability to withstand sanctions and low oil prices because of a declining ruble, and the cutoff in diplomatic relations between Iran and Saudi Arabia, have put all sides in an economic war of attrition. The Saudis with $630 billion in reserves also see the ability to withstand low oil prices for the long term. Low oil prices help boost economies in the U.S, European Union, Japan, India, China, Turkey, and other countries as the global economy slows down in 2016.
Grouped Articles
Saudi Arabia Keeps Pumping Oil, Despite Financial and Political Risks
New York Times 01/27/2016
Oil-Price Poker: Why the Saudis Won’t Fold ‘Em
Wall Street Journal 02/01/2016
Oil Output Freeze Is an Agreement With a Catch
New York Times 02/16/2016
Young Saudis See Cushy Jobs Vanish Along With Nation’s Oil Wealth
New York Times 02/16/2016
Weak Oil Prices Curbing Production
Wall Street Journal 04/13/2016
How OPEC lost control of the oil market - The Washington Post
Washington Post 04/15/2016
How the decision to not cut OPEC oil production was reached at the November 2014 Vienna meeting
12/04/2014
The decision leads to a drop in oil prices below $70 for Brent crude by Dec. 2014. A decision by Russia and Rosneft not to cut production, along with cuts by Mexico and the OPEC countries including Venezuela, leads to dropping of a Venezuelan proposal for oil production cuts. This turns out to have been a strategic mistake for Russia as the oil price drops accelerated a decline in the value of the ruble, aggravating a situation made difficult by western sanctions limiting capital access on global capital markets, capital flight, and higher inflation. The decision was presented as a Saudi effort to gain market share in the U.S. which had fallen sharply with increased shale oil production. By taking the Venezuelan proposal into consideration the Saudis maintained OPEC unity, while leaving open the possibility of reevaluating the decision in 2015 after observing the movement in oil price and supplies. The move hurts Iran, Russia and Venezuela which face severe economic constraints. It benefits India which faced severe energy import difficulties.
Grouped Articles
Saudi Arabia Sees Oil Prices Stabilizing Around $60 a Barrel
Wall Street Journal 12/04/2014
Oil Prices Plunge With Brent Crude Below $60
Wall Street Journal 12/16/2014
Why Saudis Decided Not to Prop Up Oil
Wall Street Journal 12/22/2014
Saudi Arabia Vows to Ride Out Oil Price Slump
New York Times 12/21/2014
Oil’s Swift Fall Raises Fortunes of U.S. Abroad
New York Times 12/24/2014
New King in Saudi Arabia Unlikely to Alter Oil Policy
New York Times 01/23/2015
Saudi Arabia in 2015-2016 facing a long term structural deficit - (2) oil policies in 2015 and lack of new revenue streams to support high social spending
01/26/2015
Grouped Articles
Saudi King Faces Economic Challenges as Reign Begins
Wall Street Journal 01/26/2015
As Saudis Keep Pumping, Thirst for Domestic Oil Swells
Wall Street Journal 07/04/2015
Saudi Arabia, Squeezed by Low Oil Prices, Cuts Spending to Shrink Deficit
New York Times 12/28/2015
Saudis Moving to Reduce Dependence on Oil Money
New York Times 04/01/2016
Saudi Arabia Approves Economic Reform Program
Wall Street Journal 04/26/2016
Saudi Oil Output Sets Record Despite Global Glut
WSJ 08/10/2016
The role of politics in oil prices for 2016-2017- Saudi Arabia, Russia, and Iran
02/01/2016
Spencer Jakab of the WSJ says the Saudis are not likely to change current policy of full output with no cuts, because of Middle East politics and the conflcit with Iran and Russia.
Grouped Articles
Oil-Price Poker: Why the Saudis Won’t Fold ‘Em
Wall Street Journal 02/01/2016
Weak Oil Prices Curbing Production
Wall Street Journal 04/13/2016
Oil prices, financial markets sink after production limit plan fails - The Washington Post
Washington Post 04/18/2016
Saudi Oil Output Sets Record Despite Global Glut
WSJ 08/10/2016
Trump’s Approach: A Fresh Start or Crazy Reckless?
The New York Times 12/14/2016
US to end Iran oil sanctions exemptions
BBC News 04/22/2019
Saudi price strategy in 2015 and U.S. shale oil drillers
01/10/2015
Grouped Articles
Saudi Arabia’s Cure for Shale Could Entail Shock Therapy
Wall Street Journal 01/10/2015
The new economics of oil: Sheikhs v shale
Economist 01/13/2015
Back to the Future? Oil Replays 1980s Bust
Wall Street Journal 01/14/2015
New King in Saudi Arabia Unlikely to Alter Oil Policy
New York Times 01/23/2015
Oil-Drop Pain Spreads to Saudi Arabia’s Energy Behemoth
Wall Street Journal 02/20/2015
Shale-Oil Producers Ready to Raise Output
Wall Street Journal 05/14/2015
Khalid al-Falih, Saudi Arabia's new oil minister in 2016
05/13/2016
Grouped Articles
Oil: What the Saudi Shake-Up Means
Wall Street Journal 05/13/2016
Saudi Oil Output Sets Record Despite Global Glut
WSJ 08/10/2016
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