Saudi Arabia’s crude exports are expected to fall below 7mb/d this summer. Saudi Energy Minister, Khalid al-Falih, said in May shipments were set to drop from June, particularly to the United States, as the top producer of the Organization of Petroleum Exporting Countries (OPEC) aims to limit supply to help balance the market, reported Reuters.
Exports in May 2017, when the kingdom’s total production was 9.880mb/d, averaged below 7mb/d, three industry and shipping sources told Reuters. Early indications suggest that remains the case this month.
Meanwhile, a report released by MEED stated that Saudi Arabia has the biggest slice of unawarded projects worth $250b across the entire Gulf Cooperation Council (GCC), according to Arab News.
The projects that are yet to have their main construction contracts awarded account for 39% of the GCC market, and the kingdom hopes the projects will help provide a much-needed jumpstart to the economy.
The kingdom’s energy sector accounts for 33% of the total, worth $82b, while the construction sector claims the second-biggest segment at 29%, with the transport sector third at 27%, according to information from the database MEED Projects.