Oil: Saudi Arabia wants to exceed 13 million barrels per day by 2027

Posted 16 May, 2022

This level of production, which constitutes an increase of one million barrels per day, will be maintained “if the market allows it”, indicates the Minister of Energy Abdelaziz ben Salmane.

Saudi Arabia plans to increase its daily oil production capacity by more than one million barrels to exceed 13 million barrels per day by early 2027, the energy minister said on Monday.

"Most likely is 13.2 to 13.4 (million barrels per day), but late 2026 or early 2027," minister Prince Abdulaziz 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 announced in March 2020 that the Ministry of Energy had ordered it to increase its maximum production capacity from 12 to 13 million barrels per day.

No timetable was then given for this new objective.

The world's largest oil exporter, Saudi Arabia has so far failed to respond to recent calls from the United States to increase production in an attempt to contain oil prices which have soared since the outbreak. February 24 of the Russian military offensive in Ukraine.

At the start of the war, Saudi Arabia and the United Arab Emirates underlined their commitment to OPEC+, an organization that brings together the 13 members of OPEC, led by Saudi Arabia, and ten other oil-exporting countries. non-OPEC members, led by Russia.

In early May, OPEC+ member countries agreed to a marginal increase in their oil production.

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