Intense competition in key export markets and higher domestic consumption will drive Saudi Arabia’s average crude oil production to 9.8 million b/d in 2015, according to a forecast by Saudi bank Jadwa Investment. This is up from 9.6 million b/d in its previous forecast in January, Jadwa said in a research note Wednesday. The kingdom’s response to falling crude oil prices since mid-2014 has been to aggressively cut its official selling price to maintain market share. Exports to China and the US, which together accounted for 34% of Saudi’s exports in early 2014, have now fallen to just 26%. Article continues below… Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology Daily futures summary Weekly API statistics, and much more “In the US, Saudi’s […]