Saudi Arabia Crude Oil Production At 20 Year High

An implicit conservative oil price assumption in Saudi Arabia's 2016 budget points to the country being unlikely to capitulate on its energy policy, as the adjustment is being carried on the fiscal front, believe analysts at BAML. Jean-Michel Saliba said in his Feb. 11 research note titled: “Saudi Arabia In Focus” that Saudi Arabia appears to be continuing to position its energy and fiscal policies for a lower-for-longer oil price environment.

Saudi Arabia's crude oil production at 20-year high

Saliba believes several bilateral meetings between OPEC and non-OPEC crude oil exporters over the past several years have routinely taken place, including unsuccessfully in the run up to the November 2014 Ordinary OPEC meeting. The analyst recalls that there have been historically six...