The release last week of Saudi Aramco's Q1 2024 results comes at a time that Saudi Arabia is looking to cancel an expansion in production capacity and amid huge dividend obligations
The only real power that Saudi Arabia has in the world comes from its oil sector. The greater its production appears to be, the more it is taken seriously by countries that otherwise would have nothing to do with it.
And it also seems to mean any oil supplies of similar crude grades to its own that Saudi Arabia can buy from other OPEC members – either directly or through brokers – that it can then pass off as its own supplies. According to the E.U. source, a source in the U.S. energy security complex, and three senior oil broking sources exclusively spoken to by OilPrice.
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