Veiled threat to global oil markets

Pressure is growing on Saudi Arabia to explain the fate of journalist Jamal Khashoggi. Riyadh has angrily rejected a backlash from U.S. businesses and media with threats that it could force up the price of oil

Davos in the Desert: Bill Ford of Ford Motor Co. (left), Stephen Schwarzman of
Blackstone, Larry Fink of BlackRock and Jamie Dimon of JP Morgan Chase have
withdrawn from Crown Prince Mohammed bin Salman’s finance conference in Riyadh


Saudi Arabia: World’s largest crude oil exporter shipped 7.12 million barrels per day (mb/d) in July

Oil output: Kingdom pumped 10.3mb/d of crude in July

U.S. oil imports (2017, mb/d)	Total: 10.14mb/d
Canada 4.05 
Saudi Arabia 0.96
Mexico 0.68
Venezuela 0.67
Iraq 0.60
Others 3.18	


Saudi oil production (mb/d)
										11.0
	10.7		Nov 2016: 10.72					
			OPEC agrees to curb output		Jun 2018: 10.5
			by 1.2mb/d to prop up price				10.5
				
					Dec 2017: Oil price 		Jul: 10.3
Jan 2016: 10.2mb/d			rises to $60/barrel			
Oil price sinks									10.0
below $30/barrel		Jan 2017: 9.8					

2016 				2017 			2018			9.5

Nov 4: U.S. sanctions on Iranian crude exports start.
Global production could fall by two million b/d.
Threat of cut by Saudi Arabia could drive price up from current $80/barrel to over $100/barrel


Sources: S&P Global Platts, EIA 
Pictures: Getty Images
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