Friday, 1 July, 2022

‘Saudi expects 13m bpd oil capacity by 2027’

‘Saudi expects 13m bpd oil capacity by 2027’

Popular News

MANAMA: Saudi Arabia expects to ramp up its daily oil production capacity by more than one million barrels to exceed 13 million barrels by early 2027, the kingdom's energy minister announced Monday.

"Most likely it will be 13.2 to 13.4 (million barrels per day, bpd), but that would be (reached) at the end of 2026, beginning 2027," Prince Abdulaziz bin Salman told an energy conference in Bahrain, reports AFP.

Production at that level would be maintained "if the market allows it", he said.

Energy giant Saudi Aramco announced in March 2020 it had been directed by the energy ministry to increase its maximum sustainable capacity from 12 million to 13 million bpd.

No timeline was given then for the new target.

Monday's announcement came one day after Saudi energy giant Aramco posted an 82-percent jump in first quarter profits, buoyed by a global surge in oil prices stemming from the Ukraine war.

Those results helped Aramco dethrone Apple last week as the world's most valuable company by market capitalisation.

They continued a string of positive economic news for Saudi Arabia, which in early May reported that growth in the first quarter had risen 9.6 percent over the same period in 2021.