Saudi Arabia’s crude oil production is set to lift by 13 percent in 2022 to hit 10.3 million barrels per day, said a Saudi investment bank report.
Jadwa Investment noted that the Kingdom’s crude output averaged 9.1 million barrels per day in 2021, 1.3 percent lower than the year before.
In a previous report, the Riyadh-based firm said that global oil demand is expected to peak at an all-time high of 100.8 million barrels per day, driven by a stronger global economy, higher mobility and loosened restrictions.
Looking at the Kingdom’s main index, TASI, the investment firm said that the index will rise over the next month as a result of multi-year high oil prices and anticipated initial public offerings.
In January, TASI lifted by 9 percent month-on-month, hitting the highest level in 15-and-a-half years.
