Saudi Arabia commits $21B to develop Marjan oil field shared with Iran

Saudi Arabia is advancing a $21 billion project to develop the Marjan oil field, which straddles the maritime border with Iran. The investment signals sustained Saudi upstream capacity expansion despite OPEC+ output constraints, and raises the stakes in the two countries' long-standing competition over shared offshore resources. The scale of capital deployment suggests Riyadh is prioritizing long-term production capacity over near-term quota discipline.