Predictions
- OPEC+ agreement will allow Riyadh to reach pre-pandemic levels of oil output sooner, boosting prospects for economic recovery in coming months
- Increased oil revenue will help ensure crown prince is able to proceed with key elements of Vision 2030
- Cyberattack targeting Saudi Aramco shows oil infrastructure will remain attractive target for criminal groups and state-backed hackers
Event
OPEC+ agreed on 18 July to raise oil output by 2 million barrels per day (bpd), or 0.4 million bpd a month, from August until December. Saudi Arabia and the UAE agreed to extend the current production quota until December 2022 while increasing their respective output from 500,000 and 330,000 bpd to 11.5 million and 3.5 million until May 2022.
Falanx Assynt is a global intelligence consultancy and leading provider of geopolitical, strategic and business risk analysis since 2003. Falanx Assynt is part of Falanx Group Ltd (LON:FLX) which, through its subsidiaries, provides cyber defence and intelligence services to blue chip and government clients worldwide.