Saudi Arabia's plans to expand its drilling rig count by 28 percent signal a rush to deliver the 12.5 million barrels a day (bpd) of capacity that Riyadh has long claimed is in place.
Two Saudi officials told Reuters on Tuesday that the extra rig activity would maintain rather than increase the kingdom's oil capacity. It completed a multi-year expansion in 2009 meant to boost spare capacity by more than 3 million barrels per day.
"It's not to expand capacity. It's to sustain current capacity on new fields and old fields that have been bottled up," one of the officials said.
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