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24x7Report > Blog > Finance > Saudi Arabia could ‘flush’ the oil market with a flood of supply to regain control over prices in the face of rising US production, crude expert says
Finance

Saudi Arabia could ‘flush’ the oil market with a flood of supply to regain control over prices in the face of rising US production, crude expert says

Last updated: 2023/12/02 at 8:19 AM
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Saudi Arabia could 'flush' the oil market with a flood of supply to regain control over prices in the face of rising US production, crude expert says
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Oil refinery

Picture by Christian Ender/Getty Photographs

  • Saudi Arabia might “flush” the market with a flood of provide that might sink costs, an professional stated.

  • That comes as OPEC+ concluded its newest assembly the place members pledged voluntary manufacturing cuts with out giving agency commitments.

  • In the meantime, US crude output has been on a tear this 12 months, hitting new file highs.

Saudi Arabia might flood the market with extra oil provides, reversing its manufacturing curbs, because the world’s high crude exporter tries to regain management of costs, an power market veteran stated.

That comes as OPEC+ concluded its newest assembly the place members pledged voluntary manufacturing cuts with out giving agency commitments, prompting oil costs to fall.

“We have kind of been saying probably Saudi wants to only flush this factor out,” Paul Sankey from Sankey Analysis told CNBC on Friday.

He estimated that Saudi Arabia has capability to ramp up its output by a further 2.5 million barrels a day.

For now, OPEC’s de issue chief is attempting to prop up crude by pumping much less. On Thursday, it prolonged its lower of 1 million barrel per day into the primary quarter.

However Sankey famous Saudi Arabia shocked markets in 2014, when it equally tried to flush the market by sinking crude costs from highs of round $110 a barrel to $50.

The drop in costs finally compelled higher-cost producers to exit the market as pumping was now not worthwhile. In the meantime, Saudi Arabia continued to pump because it was higher capable of stand up to decrease costs. As provides from its rivals disappeared, the dominion was capable of regain traction over costs.

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Again then, like immediately, booming US oil provide is a headache for OPEC and Saudi Arabia. And Sankey stated Friday that the oil cartel has “an enormous downside with US manufacturing ranges.”

In truth, US crude output has been on a tear this 12 months, with month-to-month manufacturing hitting a file excessive in September at greater than 13.2 million barrels a day, in accordance with data from the Power Info Administration.

Learn the unique article on Business Insider

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TAGGED: Arabia, Control, crude, Expert, face, Flood, flush, market, Oil, prices, production, Regain, Rising, Saudi, Supply

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