The Energy Year Saudi Arabia 

As the second-largest crude oil producer and the largest oil exporter in the world, Saudi Arabia found itself at the heart of the storm when the oil price dropped in the summer of 2014. Historically, the country has often acted as a swing producer, adapting its production to either drive up or suppress the oil price. But feeling the threat of the US shale boom and growing competition from developing markets, the country kept up production this time around, producing 12 million bopd on average in 2015, showing it was willing to fight to maintain its market share. Finally, in late 2016, Saudi Arabia agreed with OPEC on a 1.2-million-bopd cut to its production, which stood at 10 million bopd as of October 2017. The country’s Ministry of Energy, Industry and Mineral Resources worked to extend the cuts through 2017, seeing a deal reached in May of that year