Saudi Arabia expects to increase its daily capacity to produce more than one million barrels of oil to exceed 13 million barrels per day by early 2027, the energy minister said today.
“Most likely, it is from 13.2 to 13.4 (million barrels per day), but in late 2026 to early 2027,” the minister, Prince Abdelaziz bin Salman, told a conference in Bahrain.
Production at this level will be maintained “if the market allows it”, he added.
The Saudi national company Saudi Aramco had announced in March 2020 that the Ministry of Energy had instructed it to increase its maximum production capacity from 12 to 13 million barrels per day.
No timeline had been set for this new goal at the time.
The world’s largest oil exporter, Saudi Arabia has so far failed to heed recent calls from the United States to increase production in a bid to contain the price of black gold that has erupted since the Russian-led invasion of Ukraine on February 24.
At the start of the war, Saudi Arabia and the United Arab Emirates reaffirmed their commitment to OPEC +, an organization that brings together the 13 OPEC members, led by Saudi Arabia, and ten other non-member oil-exporting countries. of OPEC, led by Russia.
In early May, OPEC + countries agreed on a marginal increase in oil production.
SOURCE: AMPE
Source: Capital
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