DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/f9vw7h/saudi_arabia_oil) has announced the addition of the "Saudi Arabia Oil and Gas Report Q1 2013" report to their offering.
Saudi Arabia continued its role as the world's leading swing producers, maintaining historically high production of near 10mn b/d in support of the global oil market. However, decreased global demand forecast and rising supply should ease the tightness in oil supply, allowing Saudi Arabia's production to hold steady at 11.6mn b/d in 2013, and rise to 12.6mn b/d by 2021.
Trends and developments in Saudi Arabia's oil & gas sector:
- For 2012, the author expects crude oil production to rise to an average for the year of 10.1mn b/d, with natural gas liquids (NGL) and processing gains bringing total liquids production to 11.7mn b/d for the year. Total liquids supply by the end of the forecast period is set to rise to 12.5mn b/d by 2021.
- While the author expects Saudi Arabia to remain self-sufficient in natural gas, with production rising from an estimated 98.1bn cubic metres (bcm) in 2011 to 152.8bcm by 2021. However reports in November 2012 cited an unnamed source who suggested that Saudi Arabia was exploring potential LNG imports.
The author is assuming an average OPEC basket oil price for 2012 of US$107.05/bbl, falling to US$99.10 in 2013. By 2016, we expect the price to average US$93.25, edging lower to US$91.50/bbl by 2021.
Based on these assumptions and BMI's production forecasts, Saudi Arabia's oil revenues should decrease from an estimated US$334.5bn in 2012 to US$301.1bn by 2021.
Shell Saudi Arabia
ExxonMobil Saudi Arabia
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