Saudi Arabia News: Aramco to Boost Oil Capacity to 13 Mln B/D - Bloomberg:
Saudi Arabia ordered state-run oil producer Aramco to boost the kingdom’s output capacity by 1 million barrels a day, the latest escalation in a battle for control of the global petroleum market.
While delivering the extra capacity may take years and many billions of dollars in investment, the decision shows that Crown Prince Mohammed bin Salman has little intention of pulling back from his aggressive response to the breakdown of OPEC’s alliance with Russia and other oil producers.
The country’s energy ministry, headed by Prince Mohammed’s half-brother, ordered Saudi Aramco to boost its output capacity for the first time in at least a decade. The world’s biggest oil exporter will raise capacity to 13 million barrels a day from 12 million, it said Wednesday in a statement.
“The company is exerting its maximum efforts to implement this directive as soon as possible,” Chief Executive Officer Amin Nasser said in a separate statement. Aramco didn’t specify when it would reach the higher capacity level or how much investment such an increase would require.
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