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.
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Quarterly oil market update (Q2 2015): Glut in global oil markets to persist longer
A general improvement in oil demand and slowdown in the rate of growth in US shale oil output combined to push prices up 13 percent, quarter-on-quarter, in Q2 2015. US oil production is estimated to have fallen by 4 percent, in Q2 2015, year-on-year. Increases from OPEC and non-OPEC sources, however, will ensure that global oil balances remain in surplus throughout 2015. As a result we see full year Brent crude oil averaging $61 per barrel. Domestically, Saudi crude consumption will reach 3mbpd in Q3 2015, as domestic demand peaks due to the summer months. In the last three years, quarter-on-quarter growth in Q3 has averaged 250 thousand barrels per day, and we expect to see a similar quarterly rise in total crude consumption this year as well.
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The Impact of Lower Oil Prices on Shale Oil
Oil market reportThe Impact of Lower Oil Prices on Shale Oil
![report image](/sites/default/files/2022-01/report-oil-market_75.jpg)