{"id":97280,"date":"2025-05-22T00:00:00","date_gmt":"2025-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/05\/22\/is-opec-trying-to-reclaim-shale-oil-market-share-from-the-us\/"},"modified":"2025-05-22T00:00:00","modified_gmt":"2025-05-22T00:00:00","slug":"is-opec-trying-to-reclaim-shale-oil-market-share-from-the-us","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/05\/22\/is-opec-trying-to-reclaim-shale-oil-market-share-from-the-us\/","title":{"rendered":"Is Opec+ trying to reclaim shale oil market share from the US?"},"content":{"rendered":"

Good morning<\/strong>, everyone, and happy Thursday. Flynas is wrapping up the week nicely, pricing its IPO at the top of the range after orders exceeded the SAR 400 bn mark. Meanwhile, the debt market is seeing issuances from Alinma and the Finance Ministry.<\/p>\n

HAPPENING TODAY-<\/p>\n

#1- <\/strong>Qualified investors can subscribe to Anmat\u2019s <\/strong>Nomu IPO<\/a><\/strong> starting today<\/strong>, with as little as 100 shares and a maximum of 2 mn shares each. The company is floating some 5 mn new shares, representing 11.63% of its post-IPO capital, with the subscription window wrapping up on Tuesday, 27 May.<\/p>\n

#2- <\/strong>The Saudi-Sp<\/strong>anish Business Forum kicks off today in Riyadh<\/strong>, bringing together over 300 Saudi and Spanish companies across key sectors like logistics, construction, food, sports, and tourism, state news agency SPA<\/a> reports. Trade between the two countries reached SAR 22.9 bn in 2024, with SAR 12.4 bn in Saudi exports and SAR 10.5 bn in imports.<\/p>\n

WEATHER- <\/strong>Expect more dust today in Jazan, Asir, Al-Baha, and Makkah, and parts of Madinah with the Eastern Region\u2019s temperature topping the Kingdom. Riyadh <\/strong>is expected to see a high of 43\u00b0C and a low of 28\u00b0C today, while Jeddah\u2019s <\/strong>mercury will go as high as 35\u00b0C and as low as 28\u00b0C. Makkah <\/strong>will see a 43\u00b0C high and 32\u00b0C low.<\/p>\n

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PSAs- <\/p>\n

<\/a> #1-<\/strong> A <\/strong>new pro<\/strong>posed Saudi<\/strong> Highway Code Law is open for <\/strong>public consultation on <\/strong>Istitlaa<\/a><\/strong> until 27<\/strong> June.<\/strong> Drafted by the Transport General Authority (TGA), the law aims to enforce the code presented last year<\/a> to unify quality and safety standards for the Kingdom\u2019s road network development and improve road infrastructure efficiency.<\/p>\n

The details:<\/strong> Under the proposed law (pdf)<\/a>, any violation to the code must be deposed or fixed by the violator within a set timeframe or face penalties which may include a formal warning, a fine of up to SAR 1 mn per violation, a license suspension of up to one year, or full license cancellation.<\/p>\n

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#2- <\/strong>Last call fo<\/strong>r April VAT returns<\/strong>:<\/strong> The Zakat, Tax, and Customs Authority is reminding businesses subject to VAT whose annual supplies of goods and services exceed SAR 40 mn to file their April tax returns by Saturday, 31 May, it said in a statement<\/a>. Late submissions may incur fines ranging from 5% to 25% of the declared taxes.<\/p>\n

DATA POINTS-<\/p>\n

#1- <\/strong>Liquidity in th<\/strong>e Saudi economy grew 4.6% q-o-q in 1Q 2025 to just under SAR 3.06 tn,<\/strong> up from SAR 2.92 tn, according to the Saudi Central Bank\u2019s monthly statistical bulletin (pdf)<\/a> for March. Meanwhile, liquidity rose 8.2% y-o-y in the first three months of the year, up from SAR 2.82 tn during the same period in 2024.<\/p>\n

#2- <\/strong>The Kingdo<\/strong>m\u2019s delivery sector recorded 79.6 mn orders in 1Q 2025<\/strong>, up 22% y-o-y, according to a post on X<\/a> by the Transport General Authority. Riyadh accounted for 44.7% of total deliveries, followed by Makkah at 22.4%, and the Eastern Province at 15.5%.<\/p>\n

#3- <\/strong>Saudi Arab<\/strong>ia landed in the 12th spot globally <\/strong>in the UN's International<\/strong> Telecommunication <\/strong>Union\u2019s (ITU) 2024 ICT Regulatory Tracker index <\/strong>with a score of 96, moving up from the 23rd place in 2022, according to ITU data<\/a>. The Kingdom\u2019s ICT Development Index (IDI) score grew 1% y-o-y to 95.7 in 2024, with a universal score of 94.7 and a meaningful score of 96.8, the organization said in a separate report (pdf)<\/a>.<\/p>\n

\n

OIL WATCH-<\/p>\n

<\/a> <\/strong>Saudi crude <\/strong>exports down, but output up: <\/strong>Saudi Arabia\u2019s crude exports dropped to 5.75 mn barrels per day (bbl \/ d) in March from 6.55 mn bbl \/ d in February, Zawya reported<\/a>, citing Reuters. Meanwhile, crude output was up at 8.96 mn bbl \/ d from 8.95 mn bbl \/ d the month prior. Refineries' crude throughput also increased to 2.94 mn bbl \/ d, while direct crude burning rose to 383k bbl \/ d.<\/p>\n

REMEMBER- <\/strong>Opec+ agreed to accelerate oil production increments<\/a>, adding 411k bbl \/ d in June and July, after years of cutting production. The oil group could ramp up production rates to as much as 2.2 mn bbl \/ d<\/a> by November.<\/p>\n

ALSO- Opec+ is now trying to reclaim shale oil market share from the US<\/strong>, Reuters<\/a> reported, citing industry sources. <\/p>\n

What\u2019s different this time? <\/strong>The strategy has fallen short before when technological advancements allowed US producers to cut costs and lower their prices about 10 years ago. However, US shale producers are now in a more fragile position with surging costs, falling oil prices, and the blowback of the Trump administration\u2019s aggressive tariff policies.<\/p>\n

How would they do it? <\/strong>To affect the US shale industry, Opec+ would have to lower its prices to under USD 55-60 a barrel from the current average of around USD 65, which is the price needed to make gains from drilling. Inflation and depleted resources from the US\u2019 best quality oilfield have also contributed to increased production costs, as producers search for new areas. <\/p>\n

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\n

THE BIG STORY ABROAD- <\/p>\n

Another dramatic White House meeting unfolded yesterday<\/strong>, as President Trump dimmed<\/a>the lights<\/a> in the Oval Office to watch a video of what he claimed was evidence of genocide and \u201chorrible death\u201d of white farmers in South Africa.<\/p>\n

His guest \u2014 South Africa\u2019s Cyril Ramaphosa \u2014 <\/strong>rejected the claims<\/a><\/strong> made in the video and a stack of papers Trump shuffled through, albeit in a calm, less confrontational manner than the full-display tussle with Ukraine\u2019s Zelenskyy last February. Ramaphosa tried to get the conversation back on track to focus on trade relations with the US.<\/p>\n

<\/a> SPEAKING OF THE US-<\/strong> The Trump administration <\/strong>formally accepted<\/a><\/strong> Qatar\u2019s USD 400 mn <\/strong>Being 747 jet<\/strong>, gifted to be used as the President\u2019s Air Force One. He will not be using it any time soon, though \u2014 experts put the cost<\/a> of installing the necessary systems at over USD 1 bn, with the process taking years.<\/p>\n

\u201cI am sorry I don\u2019t have a plane to give you<\/strong>,\u201d Ramaphosa said when Trump was asked about the jet by reporters during the meeting.<\/p>\n

CLOSER TO HOME- <\/strong>Pressure on Israel is mounting after the military fired shots at a delegation<\/a>of Arab and European diplomats<\/a> near the Jenin refugee camp in the West Bank, triggering wide international backlash. Meanwhile, Israeli PM Netanyahu said Israel \u201cprobably\u201d killed<\/a> Hamas\u2019 de factor leader Mohammed Sinwar, and vowed to establish a complete control over Gaza.<\/p>\n

OVER IN TECH-<\/strong> OpenAI will <\/strong>fully acquire AI startup IO<\/a><\/strong> \u2014 <\/strong>founded a year ago by ex-Apple executive John Ivy \u2014 for USD 6.5 bn, its largest transaction to date. Ivy and his team will join OpenAI to work on \u201ca new family of products\u201d<\/a> designed to bring artificial general intelligence into physical, everyday-use gadgets. <\/p>\n

ALSO- US export controls on semiconductors <\/strong>\u201cbackfired,\u201d<\/a><\/strong> Nvidia CEO Jensen Huang said yesterday, adding they encouraged China\u2019s companies to accelerate development. We have more details in today\u2019s Planet Finance.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: A new Saudi Highway Code Law is open for public consultation<\/p>\n","protected":false},"author":1,"featured_media":97281,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[10,159,158,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-ksa","tag-oil-watch","tag-opec","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"dcb2629a-acc1-4619-9eab-c26554a8e195","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/5\/1885.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Is Opec+ trying to reclaim shale oil market share from the US?","related_issue":[97278],"teaser":"PLUS: A new Saudi Highway Code Law is open for public consultation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.746786a1-52ae-447e-b7fd-5cb1c31f5080.mp3"},"yoast_head":"\nIs Opec+ trying to reclaim shale oil market share from the US? 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