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Saudi Arabia Country Analysis Brief

(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.

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