Dubai: Top oil exporter Saudi Arabia’s average crude production may fall by 400,000 barrels a day in 2013 as the country curbs supply to meet the Organization of the Petroleum Exporting Countries’ (Opec) output target, according to the kingdom’s largest unlisted lender, National Commercial Bank.
Saudi Arabia is expected to produce around 9.5 million barrels a day on average this year, compared with 9.92 million barrels a day in 2012, the Jeddah-based bank said in an emailed note Wednesday.
The kingdom is expected to sell its Arab Light grade at a minimum price of $80 a barrel and at an average of $105, NCB said. The Jeddah-based bank said Saudi Arabia’s break-even oil price is estimated to be $72.8 this year compared with $67 in 2012.
The Arab world’s largest economy, requires a price of $75.2 a barrel to balance its budget in 2014, NCB said.
Oil exports from the kingdom are expected to drop this year to $324 billion from $347.6 billion in 2012, the bank added.
