Dubai—Saudi Arabia’s crude oil production is expected to hold steady at around 10.1 million b/d in 2015 and 2016, analysts at the local Jadwa Investment said Monday. “The kingdom’s oil policy has suggested cuts in its own output will not be implemented,” Jadwa said in a research note Monday. Average production levels have risen sharply to 10.2 million b/d over the year to July, up 4% year on year. At the same time, higher refinery intake is keeping Saudi’s domestic consumption at around 2.7 million b/d, while exports will be targeted above 7 million b/d to maintain market share, the report added.
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