Saudi Arabia discovers 14 new oil and gas fields

Saudi oil firm Aramco (2222.SE), has discovered 14 oil and natural gas fields and reservoirs in the kingdom’s Eastern Region and the Empty Quarter, state news agency SPA said on Wednesday, containing small volumes.

The six fields and two reservoirs were found to have Arabian oil of different grades totalling 8,126 barrels per day, according to Reuters calculations based on the announcement.

The natural gas discoveries from two fields and four reservoirs totalled 80.5 million standard cubic feet per day (scfd), the calculations show. Associated gas from the oil fields and reservoirs added up to 2.11 million scfd.

Saudi Arabia, the world’s top oil exporter, produced nearly 9 million barrels per day of crude in February, according to secondary sources in producer group OPEC’s March report.

Read more: Saudi oil price cut driven by weak market

Back in November, Saudi Arabia’s 2025 fiscal breakeven price per barrel of oil was estimated at $90 by the International Monetary Fund (IMF).

As of Wednesday, April 9, at 12:12 p.m. ET, Brent crude was trading at only $60.38, while the OPEC Basket price was $66.54.

Saudi Arabia, the key OPEC+ producer, began easing output cuts on April 1, and plans to add 138,000 bpd to global oil supply this month.

The Kingdom anticipates $342 billion in expenditures in its 2025 budget, while revenues are expected to come in lower, at $316 billion, indicating a $27-billion deficit, or around 2.3% of GDP. To make up for the shortfall, Riyadh plans to issue more debt this year.