Saudi Arabia has announced that the revenues from oil sales should be returned to the treasury of the country and used to support the livelihood of the people, in line with strengthening the national economy and maintaining social welfare. This decision has been made at a time when the Saudi oil industry is under pressure due to attacks from Yemen.
Yemeni Attacks and Their Impact on Oil Production
The attacks from Yemen on Saudi oil facilities have recently increased significantly, raising concerns about the security of oil supply in the country. The "Khrais" oil field, with a daily production capacity of 1.2 million barrels, and the "Shaybah" oil field, with a capacity of 2.5 million barrels per day, are among the key facilities affected by these attacks. This situation has directly impacted Saudi oil revenues and has heightened the necessity of returning these revenues to the treasury to maintain the country's economic stability.
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OPEC+ Decision on Oil Production
Meanwhile, OPEC+ has decided to keep the production quota for seven countries unchanged for the month of December. This decision was made to maintain balance in the global oil market and prevent price fluctuations. Given that Saudi Arabia is the largest oil producer in OPEC, this decision is viewed as a strategic move to maintain the economic position of the country.
Overall, Saudi Arabia is striving to secure the livelihood of its people by returning oil sales revenue to the treasury and somewhat mitigate the negative impacts of Yemeni attacks on its oil industry. This approach will not only help strengthen the domestic economy but may also lead to an increase in public trust.
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