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FINANCIAL NEWS
Saudi Aramco will not boost oil output capacity
10 Oct 2011
(MENAFN) Saudi Aramco’s Chief Executive, Khalid Al Falih, said that since other countries increased oil output in order to meet growing global demand, Saudi’s Aramco wouldn’t raise capacity by 15 million barrels per day (bpd), reported Gulf News.
Al Falih added that five years ago, Saudi started expanding its output capacity and reached its current capacity in 2009 as oil prices declined, moreover, in 2011, the Kingdom pumped around 10 million (bpd) before reducing it again.
On the other hand, Saudi Oil Minister, Ali Al Nuaimi, said that last month, the country produced 9.39 million bpd compared with 9.8 million bpd in August.
It is worth noting that since global economic conditions deteriorated and Libya restarted its oil supplies, in September, oil prices dropped by more than 10 percent.
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