Saudi oil production to average 10.1 mbd in 2018: report

02/09/2018 Argaam

 

Saudi Arabia’s oil production to average 10.10 mbd (million barrels per day) in 2018, and increase to 10.38 mbd next year, Spain-based FocusEconomics said in a report.

 

The Kingdom’s economic recovery is gathering pace, mostly due to OPEC’s decision to increase oil production in order to keep markets adequately supplied.  Growth is also being driven by high oil prices, which have stoked activity in the all-important oil sector.

 

“The recovery is broadening as the impact of the VAT implemented in January fades, and gains from the recovery in the oil-sector are slowly trickling down to the rest of the economy,” the report added.

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