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"We've never been in a position before where we were on the back-half of the inventory story of a burning basin," Novi Labs head of research Brandon Myers said.
An astounding comment from a data-sell company who has previously implied we had 15 more years, or more, of primo drilling inventory left.
What is the lifting cost at Aramco is not important . For a country that gets 95% of it's revenue from oil it is this that matters .
'' The Saudi balance of payments for q4 is out, and it confirms that Saudi Arabia ran a current account deficit in 2024 -- and (per my estimates), the balance of payments "breakeven" for Saudi Arabia is around $90 a barrel.
https://x.com/Brad_Setser/status/1906811835195797949/photo/1