Saudi Is In Deep Trouble -- How Could This Happen? July 13, 2023

Locator: 45113RUSSIA.

Updates

July 13, 2023: link here.

Original Post

Best part about this story? The article was written by Charles Kennedy, the best contributor over at oilprice. Probably the best writer on the oil sector of all those I follow.

Link here.

Saudi dropping behind Russia? This is not a 10-year projection, this is happening this year. Wow.

But it's actually been a "thesis" on the blog for ten years, if not long. I've long forgotten when it first became a topic on the blog, but the "tag" will give one an idea how long it's been and how often the story has been tagged.

Saudi Arabia will lose its status as the largest OPEC+ oil producer to Russia as it begins the unilateral cut of 1 million barrels per day (bpd), with the Kingdom pledging to pump around 9 million bpd in July and August—the lowest level in two years.  

Excluding the deep cuts during the pandemic, a Saudi production of just around 9 million bpd would be the lowest level the world’s top crude oil exporter has pumped since 2011.

 In case you missed it the first time:

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Russia

Current-account surplus collapses by 93%. Link here.

Russian foreign exchange reserves. Link here. 

Putin is cannibalizing Russia's future to fight Ukraine. Link here.

Cybersecurity: Russia is in bigger trouble than we will ever know.