Highlights Average oil output steady at 9.2 mil b/d Capex was $31.9 bil in 2021 ‘Economic conditions have improved’: CEO Saudi Aramco, the world’s largest oil company, said March 20 that it’s increased its capital expenditure guidance to $40 billion to $50 billion for 2022 after oil production was little changed for 2021. Oil production averaged 9.2 million b/d, with all hydrocarbons output at 12.3 million b/d, Aramco said in a statement. In 2020, oil output was 9.2 million b/d and hydrocarbons production was 12.4 million b/d, according to the company’s annual report. Capital expenditure in 2021 was $31.9 billion in 2021, Aramco said. “Our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy,” CEO Amin Nasser said in the statement. “Although economic conditions have […]