Saudi oil production to average 10.5M bbl/day in Q3, PIRA says

Saudi Arabia is set to pump 10.5M bbl/day of crude in Q3, a 1M bbl/day increase over Q2's average production and its highest quarterly level of sustained production since at least the early 1980s, energy consultancy PIRA says.

With Libyan production at its lowest level since 2011, Iranian supply constricted by sanctions, and unreliable output from countries like Iraq and Nigeria, it's "the tightest physical balance on the world oil market I've seen for a long time," PIRA CEO Gary Ross says. "There really is very little flexibility left in the system."

Without U.S. shale, Q3 global supply would be short ~1.5M bbl/day and prices would be dramatically higher, Ross adds.


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Comments (6)
  • Philip Marlowe
    , contributor
    Comments (1580) | Send Message
    Those Saudis are so nice. They always promise to pump extra before we get into a war they are trying to force us into.
    29 Aug 2013, 03:01 PM Reply Like
  • Esko V
    , contributor
    Comments (58) | Send Message
    Even though there has been no restrictions in oil supply yet, the price of oil was driven up by speculators. Good to know that the markets can still be manipulated.
    29 Aug 2013, 04:16 PM Reply Like
  • bigbenorr
    , contributor
    Comments (1174) | Send Message
    So am I a speculator if I see on the news that all manner of trouble is brewing in the middle east and I fill up all my tanks with fuel to prevent paying a higher price later?
    29 Aug 2013, 04:23 PM Reply Like
  • investguru
    , contributor
    Comments (27) | Send Message
    This is actually very bearish. So it takes all these outages to keep the situation balanced, else we have a massive glut.


    "Without U.S. shale, Q3 global supply would be short ~1.5M bbl/day and prices would be dramatically higher" .. whats the point of that statement? Is there an imminent danger of US supply being discontinued? I could claim "Without Saudi Arabia, supply would be short ~10M barrels" and even that would be a slightly more relevant statement.
    29 Aug 2013, 04:22 PM Reply Like
  • zorrba
    , contributor
    Comments (428) | Send Message
    EV's will replace the combustion engine. That is why TESLA is on a tear. Next gen solar farms with costs competitive to coal will replace coal everywhere the sun shines.




    Fossil fuels are killing the planet and are thus themselves being eliminated as fast as possible.
    30 Aug 2013, 04:24 AM Reply Like
  • bigbenorr
    , contributor
    Comments (1174) | Send Message
    "EV's will replace the combustion engine."


    So 18 wheelers will become 26 since they will have one trailer full of batteries and the other full of cargo right?
    30 Aug 2013, 07:45 AM Reply Like
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