Onshore fields are generally the source of Saudi Arabia's lighter crudes, while offshore production mainly yields the medium and heavy grades.Īrab Light is the largest stream, with average production in 2022 of 5.42 million b/d. In unveiling the cut at a press briefing after OPEC and its allies met in Vienna, Saudi energy minister Prince Abdulaziz bin Salman said he would leave refiners in 'suspense' over how it would be apportioned among the country's crude grades, which range from Arabian Super Light to Arabian Heavy. The July cut will take Saudi Arabia's crude production to about 9 million b/d, its lowest since June 2021, and will come as domestic consumption is likely to peak due to power generation for air conditioning use in the summer. The OPEC+ kingpin on June 4 announced its latest surprise cut of 1 million b/d, to take effect in July, on top of existing 1.5 million b/d of output reductions it is already implementing.

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