Several countries are “locked and loaded” to fill the oil supply gap left by the attack on Saudi Arabia, Rystad Energy said on Friday, which is according to its field-by-field analysis.
- Neutral Zone: around 520,000 bpd
- Iraq: around 290,000 bpd
- Russia: around 270,000 bpd
- UAE: around 280,000 bpd
- Kuwait: around 146,000 bpd
“This basically shows us that by barrel count, OPEC+ members could step in and fill the supply gap, but the tricky part will be matching Saudi Arabia’s flagship crude blend – Arab Light – which makes up about 70% of the Kingdom’s crude production,” said Bjørnar Tonhaugen, head of oil markets research at Rystad Energy. “Russia’s Urals Blend has similar gravity and sulfur characteristics to Arab Light, and thus would be a logical match.”
