Saudi Arabia, the world’s largest oil producer, is considering expanding its oil production to meet rising demands led by growth in China, India and the Middle East.
The top oil exporter needs to pump at least 9 million barrels per day (bpd) of crude for the next few years to meet demands, according to a Reuters report citing a Petroleum Intelligence Weekly study. Discussions are understood to be taking place in Riyadh on whether the kingdom should raise oil output capacity beyond its current 12.5 million bpd. China’s current daily consumption of imported oil of 7 million barrels is expected to double by 2020, perhaps even earlier; India’s current oil imports are expected to triple to 5 million barrels by 2020. Both countries have among the fastest economic-growth rates in the world, import oil mainly from Gulf States.
Saudi Arabia’s proven crude oil reserves are 264.39 billion barrels, out of a total world figure of 1.33 trillion barrels. (Of this figure, the 12 members-states of OPEC, the Organization of Petroleum Exporting Countries, account for 79.60 percent, or 1.06 trillion; non-OPEC states, such as Canada, Russia, Norway and the United States, account for 272.9 billion barrels, or nearly 21 percent.)
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