Saudi Arabia: Saudi Arabian oil output continues to surge in August
Latest reading: Brent crude oil prices averaged USD 67.24 per barrel in August, down 3.3% from July. On 29 August, the commodity traded at USD 68.15 per barrel, down 6.1% from 31 July.
Turning to production, Saudi oil output was 9.71 million barrels per day (mbpd) in August, up by 8.0% year on year (July: 9.45 mbpd; up 5.2% yoy). This marked the fourth consecutive year-on-year increase following a prolonged slump, and was driven by looser OPEC output restrictions.
Outlook: Saudi Arabia’s production should rise further ahead as OPEC+ continues to ease its restrictions on output. Looking at 2025 overall, our panelists anticipate the first annual rise in Saudi crude production in three years. However, yearly output is still expected to remain below the previous high in 2022 of around 10.5 mbpd, a level currently projected to be surpassed only in 2028.