Financial Times

Why Saudi Arabia’s oil output figures are drawing scrutiny

Published 12:00 13th Aug 2018.

Energy Aspects comments on Saudi crude oil output data in July

"Consultancy Energy Aspects said it believed the reported 10.3m b/d figure was “too low and probably an attempt to support prices”, pointing to satellite imagery it said showed domestic inventories building in Saudi Arabia. The kingdom may feel pressure from the White House to lower prices, but does not want the market to collapse given its own economic dependence on oil, trying instead to balance crude between $70 and $80 a barrel. It also does not want to overly antagonise."