Saudi Aramco CEO says has 2 million barrels per day of spare capacity | Reuters

Saudi Aramco CEO says has 2 million barrels per day of spare capacity | Reuters:

Oil giant Saudi Aramco has spare capacity of 2 million barrels per day (bpd) and can meet additional oil demand in case of any interruption in supplies, the company head said on Monday, days after OPEC agreed a modest increase in oil output from July.

Aramco, the world’s third-largest crude oil producer, is producing about 10 million bpd and has the capacity to produce 12 million bpd, Amin Nasser, the company’s chief executive, said on the sidelines of a conference in New Delhi.

The Organization of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, and non-OPEC producers including Russia agreed over the last few days on a modest increase in oil production from July, following calls from major consumers to curb rising fuel costs.