Saudi Aramco plans to raise its sustainable production capacity to 12.3 million b/d by 2025 as the world’s largest oil-exporting company accelerates plans to bring additional output to market to meet the needs of global consumers, its chief executive told reporters during an earnings call Aug. 14. “It is going come gradually in 2024. I mean limited increase but in 2025, we should go to 12.3 million b/d and in 2026, we should go to 12.7 million b/d before reaching 13 million b/d by 2027,” CEO Amin Nasser said. Saudi Arabia claims a current production capacity of around 12 million b/d but Platts Analytics estimates this at closer to 11.5 million b/d. The kingdom, alongside fellow OPEC producer UAE, holds virtually all of the world’s remaining spare capacity. The kingdom plans to bring on additional […]