{"id":63032,"date":"2022-07-12T06:08:38","date_gmt":"2022-07-12T11:08:38","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63032"},"modified":"2022-07-12T06:08:38","modified_gmt":"2022-07-12T11:08:38","slug":"is-saudi-oil-production-at-capacity","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63032","title":{"rendered":"Is Saudi Oil Production At Capacity?"},"content":{"rendered":"
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Is Saudi Oil Production At Capacity?<\/a><\/h3>\n<\/header>\n
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Use it or lose it \u2013 this principle might apply to Saudi Arabia\u2019s oil production capacity that is now eyed by the Western world to fill the Russia-sized gap in supply left behind by embargoes.<\/p>\n

However,\u00a0as Statista’s Katharina Buchholz details below,<\/em><\/a>\u00a0Saudi Arabia<\/a>\u00a0in the past three years only approached its\u00a0declared maximum production capacity of 12 million barrels per day<\/strong>\u00a0in one month, casting doubts on the kingdom\u2019s ability to quickly up its production to stabilize world markets.\u00a0According to Bloomberg,\u00a0<\/a>such predictions have come from UAE leadership, who together with the Saudis are the\u00a0only OPEC members who have spare production capacity \u2013 at least on paper.<\/strong><\/p>\n

\"Infographic:<\/a><\/p>\n

You will find more infographics at\u00a0Statista<\/a><\/em><\/p>\n

Joe Biden is traveling to Saudi Arabia this week and the increase of the global oil supply will be on the top of the agenda for the U.S. president.<\/strong>\u00a0Up until now, the Gulf kingdom and its OPEC allies have been reluctant to make major changes as a result of the Russian invasion of Ukraine. OPEC stuck to its slow production increases that were scheduled to reverse Covid-era cuts between March and June, and\u00a0only recently agreed to up production quotas\u00a0<\/a>faster in the coming months in the light of the dramatic world market developments. Saudi Arabia\u2019s OPEC production quota for August 2022 stands at 11 million barrels a day \u2013 more than it has been in a long time and still a whole million barrels a day below the country\u2019s\u00a0elusive maximum quota.<\/a><\/p>\n

As seen in data by the organization,<\/a>\u00a0Saudi Arabia has remained below its production quota prior to the Covid-19 epidemic and only once approached its declared maximum production capacity in April 2020 amidst a row with Russia that saw production quotas go out the window…<\/strong><\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Is Saudi Oil Production At Capacity? Use it or lose it \u2013 this principle might apply to Saudi Arabia\u2019s oil production capacity that is now eyed by the Western world to fill the Russia-sized gap in supply left behind by embargoes. However,\u00a0as Statista’s Katharina Buchholz details below,\u00a0Saudi Arabia\u00a0in the past three years only approached its\u00a0declared […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[588,30682,595,701,4318],"class_list":["post-63032","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil","tag-oil-extraction","tag-oil-production","tag-saudi-arabia","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63032"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63032\/revisions"}],"predecessor-version":[{"id":63033,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63032\/revisions\/63033"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}