Economic updates
Our in-depth, independent reports cover the macroeconomic environment, the Saudi government’s annual budget, and Saudi Arabia’s monetary and financial developments, labor market, and inflation.
Quarterly Oil Market Update – Q1 2020: (COVID-19 Induced Demand Destruction)
Oil market reportThe latest monthly oil market report from OPEC lays out a bleak outlook for oil demand growth in 2020, with an average decline of 6.9 million barrels per day (mbpd) expected over the course of the year.
Quarterly Oil Market Update – Q4 2019: (Oil Demand Growth Improving in 2020)
Oil market reportAccording to OPEC forecasts, an expected uptick in global trade, helped along by a recent improvement in US-Chinese trade relations, should see oil demand growth trend higher this year, at 1.2 percent, or 1.2 million barrels per day (mbpd), versus 930 thousand barrels per day (tbpd) in 2019.
Quarterly Oil Market Update – Q1 2019: (US waivers on Iranian oil end)
Oil market reportA recent official statement from the US confirmed that the current set of waivers on Iranian oil would not be extended beyond May 2nd. The ending of waivers would require the cessation of all oil purchases from Iran, which averaged at least 1.5 million barrels per day (mbpd) in Q1 2019.
Quarterly Oil Market Update – Q3 2018: (Supply factors weigh heavily on oil)
Oil market reportBrent oil prices are trading above $80 per barrel (pb), the highest level since early November 2014, on the back of concerns over oil supply. Provisional OPEC secondary sources data for Q3 2018 shows that Iranian oil output declined by nearly 250 thousand barrels per day (tbpd) quarter-on-quarter.
