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Saudi Arabia Oil & Gas Q4 2019

Saudi Arabia Oil & Gas Q4 2019

Key View:

The outlook for Saudi Arabia's oil sector looks more clouded over the coming two to three years. In the face of toughersanctions measures on Iran, oil prices have remained weak due to mounting concerns for the global economy amid rising tradetensions. Global demand growth is also slowing, putting pressure on OPEC to reduce its output to match consumption. We havedowngraded our short-term oil production forecast to reflect this altered market balance and to allow for a rollover of the OPEC+production cut deal to the end of 2020. The outlook for gas production remains bullish, with the kingdom progressing a number ofprojects, including a major expansion at Hawiyah. Downstream capacity is also expanding, with Jazan set to reach full capacity in2019, boosting both domestic supply and exports. Oil demand growth, though, remains weak, dragged down by softer-than-expected economic activity and the aftershock of fuel subsidy reforms. Gas demand continues to grow strongly but is capped bydomestic supply constraints and the lack of import alternatives.

Key View
Industry Forecast
Upstream Exploration
Upstream Projects
Upstream Oil Production
Upstream Gas Production
Refined Fuels Consumption
Gas Consumption
Oil Trade
Gas Trade
Industry Risk/Reward Index
MENA Upstream Oil & Gas Risk/Reward Index
MENA Downstream Oil & Gas Risk/Reward Index
Saudi Arabia Upstream Oil & Gas Risk/Reward Index
Saudi Arabia Downstream Oil & Gas Risk/Reward Index
Market Overview
Saudi Arabia Energy Market Overview
Oil & Gas Infrastructure
Company Profile
Saudi Aramco
Regional Overview
MENA Oil & Gas Overview
Oil & Gas Glossary
Oil & Gas Methodology

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