Saudi Arabia Plans to Increase Oil Production Capacity in the Next Three Years
Energy Minister Prince Abdulaziz bin Salman noted that there are also plans to increase oil export capabilities.
Saudi Arabia will increase its oil production capacity in the next three years, said Saudi Arabian Energy Minister Prince Abdulaziz bin Salman during a speech at the St. Petersburg International Economic Forum (SPIEF).
“We first reduced production from 13 million barrels per day to 12 million, but we have plans to increase production. This increase will take place in 2026, then in 2027 there will be a gradual increase,” he said, adding that the country will then return to a production level of 12-13 million bpd.
At the same time, Saudi Arabia also has plans to increase its oil export capabilities, noted Abdulaziz bin Salman.
In late January, Saudi Aramco reported that the company had received an order from the Ministry of Energy to maintain maximum production capacity at 12 million bpd. Prior to this, Saudi Aramco planned to increase oil production capacity to 13 million bpd by 2027.
The St. Petersburg International Economic Forum is being held from June 5 to 8. This year’s forum theme is “The Foundation of a Multipolar World: Forming New Growth Points.” The forum will include meetings of SMEs, creative businesses, the SPIEF Youth Day, as well as the Drug Safety, SPIEF Academy, and SPIEF Junior forums. The organizer is the Roscongress Foundation. TASS is the information partner of the event.
