Saudi Arabia targets 1 million b/d domestic oil demand reduction
Saudi Arabia plans to reduce domestic consumption of liquid hydrocarbons by 1 million b/d for use “in a better way”, the kingdom’s Energy Minister Prince Abdulaziz bin Salman said on March 16.
Before the COVID-19 pandemic, the kingdom the Gulf’s largest economy was consuming around 491,000 b/d of oil for industrial use and power generation during the height of its summer demand in 2019, according to previous S&P Global Platts Analytics estimates. The US Energy Information Administration had estimated the figure to be closer to 1 million b/d in 2015 at the peak of summer during a record year for demand.
Global oil demand will rebound strongly in the second half of 2021, but the call on OPEC crude will be lower than previously expected, the producer group’s latest analysis showed, providing some backing for Saudi Arabia’s decision not to relax its output cuts through April. In its closely watched Monthly Oil Market Report released March .
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Top oil exporter Saudi Arabia has yet to demonstrate a curb in supply as large as its promised voluntary production cut, according to two companies that track oil flows, a view dismissed by Riyadh which says it is reliable. Saudi Arabia pledged to cut production voluntarily by 1 million barrels per day in February and .
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