BMI View: While our short-term outlook on oil production has somewhat deteriorated due to the OPEC, non-OPEC production cut deal, we expect to see significant growth in the medium-to-long term. The kingdom is investing heavily to maintain its substantial spare production capacity, which we expect will be brought into play to tackle a large deficit in the global oil market post-2020. We are also strongly bullish on gas production and have upgraded our forecast this quarter, with new capital committed to expand domestic capacity. The downstream sector is also performing strongly and will benefit from added capacity at Jazan from 2019. The oil consumption outlook has somewhat weakened, dragged down by difficult economic conditions and the impact of subsidy reforms. Gas consumption looks relatively stronger, but remains capped by limited availability of domestic supplies.