MassiveIndustry

(Wed, 11 Oct 2023) Saudi Arabia was the world’s third-highest crude oil and condensate producer, the world’s top crude oil exporter, and OPEC’s top crude oil producer in 2022. Saudi Arabia accounts for 43% (0.5 million b/d) of agreed on OPEC+ production cuts that began in May 2023 intended to rebalance the global oil market, hedge against downside risks of decreased oil demand, and raise falling crude oil prices. At the same time, Saudi Arabia’s Vision 2030 supports extensive renewable energy and nonassociated natural gas development throughout the country and seeks to decrease oil- and associated natural gas-fired electricity generation in favor of renewable-sourced generation.