Saudi Arabia Oil & Gas Report Q2 2018
Our outlook for the Saudi Arabia upstream is bullish over the 10-year forecast period. The OPEC, non-OPEC productioncut agreement is set to end in December 2018 and the kingdom has been investing heavily to maintain its substantial sparecapacity. As the global lack of upstream investment pulls the market into deficit post-2020, we expect the kingdom to bring thiscapacity into play. We are also strongly bullish on gas production, with the continued rise in capital committed to expand domesticcapacity. The downstream sector is also performing strongly and will benefit from added capacity at Jazan from 2019. The oilconsumption outlook has somewhat weakened, dragged down by difficult economic conditions and the impact of subsidy reforms.Gas consumption looks relatively strong, but remains capped by limited availability of domestic supplies.
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