Saudi crude production, according to a recent report, will remain high in 2014
as well as 2015.
This report is based on OPEC outages,
geopolitical crisis (Libya, Ukraine and Iraq), rising domestic use from
the power and transport sectors, growing demand from the refining sector as
well as the improving global economy.
The report suggested that the outlook
for gas looks bleak, in spite of efforts and plans to tap unconventional
resources. The increasing consumption and tight supply may force Saudi to
consider imports.
Saudi oil reserves are expected to
increase as much as 273 billion bbls by 2017, but may decline to 265 billion by
the end of 2023.
In 2013, Saudi had planned to add 160 billion
bbls in additional reserves in the coming years.
The Kingdom has succeeded in
maintaining high oil production levels and exports in the first half of 2014.
Experts suggested that crude oil and
lease condensates production will stay at current levels throughout the current
year.
2014 will see production of nearly
9.78 billion bpd, an increase of 1 per cent from 2013 production levels, but
lower than output in 2012.
2015 will likely see a decline in oil
production, at 9.8 million bpd.
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