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Analysis: Saudi Arabia ensures stable oil in 2014

Even though several OPEC countries have been struggling with their oil production, Saudi Arabia has ensured stability and will continue to do so going forward, says Global Risk Management in a quarterly analysis.

Photo: SaudiAramco

A stable oil production from the oil producing countries (OPEC) very much depends on Saudi Arabia, which for several years - along with its allies Kuwait, the United Arab Emirates, and Qatar - has varied its monthly oil production from almost 8.83 million barrels of oil per day (mbpd) to 10.8 mbpd. In this way, the country has been able to ensure a steady supply of oil, and this scenario will likely be repeated in 2014, says Global Risk Management in a new quarterly analysis.

The global demand for oil and supplies from non-producing countries will reduce the global need for oil from the OPEC countries by approx. 0.5 mbpd between 2013 and 2014, down to 30 mbpd. According to Global Risk Management, this is slightly less than the OPEC production recorded for February 2014, due to - among other things - an increase in Iraqi oil production, which now stands at 3.5 million barrels of oil per day - the highest level since the onset of the war between Iran and Iraq in 1980.

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