I'm resolved to follow Saudi Arabia a bit more closely after the big cut-back this winter. The above is the latest data: March shows a very slight increase in production (probably less than the uncertainties in the data, so we could call it basically flat over February). There was also one extra oil rig in country. No sign of a return to the mid 2012 production level at present.
3 comments:
Stuart
Are they just dialing old fields back as they begin
bringing Manifa on line?
James - but what would be story about why they dialed back months ahead of time?
On one hand, the 1 million barrel/day drop over a couple of months looks too dramatic to be caused by natural decline. On the other hand, the rig count and high prices over the last couple of years suggest that it isn't voluntary. Maybe the water column in one of their giant fields hit the multilateral wells at the top of the anticline? This would mean game over for high production for that field, and the only big game left in the foreseeable future would be Manifa.
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