Saudi Arabia Oil & Gas Q4 2018
Saudi Aramco has begun increasing its production as the OPEC+ production cut deal begins to unwind. We areoptimistic about output for 2019, as the kingdom brings more of its substantial spare capacity into play. We are also very optimisticabout gas production, with the continued rise in capital committed to expand domestic capacity. The downstream sector is alsoperforming well 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 strong, butremains capped by limited availability of domestic supplies. Over the coming years, however, improving prospects for the start-upof LNG imports could see demand unlocked.
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