Saudi Government’s Milking of Saudi Aramco Leads to Underperformance- Saudi Aramco has posted a 3.4% year-over-year decline in its Q2 net income, dropping lower to 29.07 billion due to lower oil sales volumes and weaker refining margins. - The Saudi national oil company has been bearing the brunt of OPEC voluntary production cuts, because of which it has underperformed all Western oil majors, down more than 17% since the beginning of 2024.
03 million b/d in July according to a S&P Global survey, some 437,000 b/d above the group’s aggregate target for the month, up from 229,000 b/d in June. - Despite some promising news from Kurdistan that Erbil is cracking down on illegal refiners and fuel smugglers, Iraq’s production remained a whopping 400,000 b/d above its quota, at 4.33 million b/d.