Politics & News

Saudi Arabia’s Oil Production to Reach to 11 mln: IMF

The head of the International Monetary Fund mission to Saudi Arabia, Amine Mati, expected Saudi Arabia’s oil production to rise to 11 million bpd by 2029, reported Al-madina. Mati added – in an interview with Bloomberg Sharq TV – that the Fund expects OPEC + to completely reverse the production cut by 2025.

Mati added that, given the announcements issued by OPEC+ and the voluntary reduction in production by Saudi Arabia, the reduction will be extended until June 2024. He explained that under the baseline, it is assumed that the reduction in oil production will be completely reversed in 2025. Thus 10 million barrels will be produced as of 2025; to reach 11 million barrels per day in the medium term in 2029.

The Organization of the Petroleum Exporting Countries (OPEC) plays a pivotal role in stabilizing oil prices at the global level. With cooperation and coordination among member states, OPEC can adjust production levels to meet global demand and achieve market balance. This can be achieved by adopting a realistic vision of the markets based on solid and deep foundations.

The organization carefully examines the economic and geopolitical factors that affect the oil market. It makes appropriate decisions based on a comprehensive analysis of data and trends, which helps stabilize in oil prices and reduce uncertainty in the market. OPEC excels in providing reliable and transparent reports on the oil market, compared to other organizations. While some institutions face criticism for adopting limited and inadequate visions, OPEC’s reports are based on accurate data and in-depth analysis, making it a reliable source of economic information about the oil industry.

The International Monetary Fund (IMF) expected the Kingdom would be the second largest country among the G20 in economic growth in 2025. IMF raised its expectations for the Saudi economy’s growth during the next year 2025 to 6 per cent, compared to 5.5 per cent, a previous forecast last January. As for inflation, IMF expected it to reach 2.3 per cent this year, and to continue to slow next year, to 2 per cent. The rate of inflation in Saudi Arabia slowed to 1.6 per cent last March on an annual basis, down from 1.8 per cent in February 2024.

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