2 key takeaways from saudi budget data in the 1st half of 2024
1. Saudi needs oil at $95 to balance its budget. 2. Adding domestic investments by the sovereign wealth fund, the figure rises to $112. If Oil price stays at this level ($77), deficits are likely to persist. Source: Bloomberg, @ZiadMDaoud on X
BREAKING: US crude oil production has officially hit a record 13.4 million barrels per day.
Daily oil production has increased by 22% over the last 4 years. Since 2008, production has skyrocketed 350% from ~3.8 million barrels per day. The US is now the world’s largest oil producer exceeding Russia's output by ~35% and Saudi Arabia by ~38%. The US is dominating global oil production. Source: The Kobeissi Letter, The Daily Shot
In case you missed it...
Crude Oil has fallen to its lowest price since early February. Source: Barchart
1.285 million barrels of oil were added to the Strategic Petroleum Reserve last week, the largest addition since June 2020
Source: Barchart
1.285 million barrels of oil were added to the Strategic Petroleum Reserve last week, the largest addition since June 2020
Source: Barchart
Saudi aramco and the rest...
Source: Visual Capitalist
Waoouu... 🙄🙄🙄
Seven Chinese solar companies most people haven’t heard of are ALREADY providing more energy for the global economy than Exxon, Chevron, Shell, BP and the other Seven Sisters who once dominated oil production... Source: Bloomberg, David Fickling
Brent Crude Oil could plummet to $60/barrel in 2025 warns Citi
Source. Barchart
