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.
اضافة اعلان
"Most likely it will be 13.2 to 13.4
(million barrels per day), but that would be (reached) at the end of 2026,
beginning 2027," Prince Abdulaziz bin Salman told an energy conference in
Bahrain.
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 barrels per day.
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 capitalization.
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.
Yet Aramco has faced security challenges
stemming from the war pitting a Saudi-led military coalition against Yemen's
Houthi rebels who have repeatedly targeted the kingdom, including Aramco sites.
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