“Saudi Aramco announces that it received a directive from the ministry of energy to increase its maximum sustainable capacity from 12 million bpd to 13 million bpd.”
In this file photo taken on September 20, 2019 a general view of Saudi Aramco’s Abqaiq oil processing plant on September 20, 2019. – Energy giant Saudi Aramco said on March 11, 2020, it plans to raise its production capacity by one million barrels per day to 13 million bpd as a price war with Russia escalates.
Although increases in capacity take a long time and need huge investments, the announcements from Riyadh and Abu Dhabi add to the psychological warfare shaking oil markets.“Saudi Aramco announces that it received a directive from the ministry of energy to increase its maximum sustainable capacity from 12 million bpd to 13 million bpd,” the company said in a statement to the Saudi Stock Exchange.
“In addition, we will accelerate our planned five million bpd capacity target,” the state-owned firm said.“Operators in the UAE have ample production capacity that will be quickly brought online given the current circumstances,” the minister wrote on Twitter. Mazrouei said he was disappointed that no agreement was reached by the OPEC+ alliance on production cuts and called for a new agreement.
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