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Rystad: OPEC’s Oil Reserves are Much Lower Than Officially Reported

Rystad: global recoverable oil reserves held largely steady at around 1,500 billion barrels.
The largest downward revisions are seen in Saudi Arabia, where development priorities have shifted from offshore capacity expansions to onshore infill drilling.
Rystad puts OPEC oil reserves well below its officially reported oil reserves of 1,125 billion barrels.

IMF Cuts Saudi Economic Growth Projection On Oil Cuts

The International Monetary Fund (IMF) has downgraded its growth forecast for the Saudi economy due to ongoing oil production cuts by OPEC+. The IMF now sees 2024 growth clocking in at just 1.7%, nearly a percentage point lower than its earlier projection of 2.6%. The effects of the cuts are expected to spill over into the coming year, with the IMF projecting GDP growth of 4.7% in 2025, a downward revision of 1.3 percentage points from April.