#Saudi Aramco to press ahead with plan to boost output capacity, CEO says - Reuters

Saudi Aramco to press ahead with plan to boost output capacity, CEO says - Reuters:

Saudi Aramco (2222.SE) is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group’s CEO said on Monday.

Aramco’s capital spending plan for 2021 will be “significantly lower than previous guidance,” CEO Amin Nasser also said on a call with analysts and investors after the company’s second quarter results, which were published on Sunday.

Its previous capital spending guidance was $40 billion to $45 billion, he said.

“We are proceeding with increasing our MSC (maximum sustainable capacity) from 12 to 13 million barrels ... it should not have a major impact on capital in 2021,” Nasser said.