Saudi Arabia plans to increase its oil production capacity by more than 1 million barrels per day to exceed 13 million by early 2027, the energy minister said on Monday.
Most likely, it is between 13.2 and 13.4 million barrels per day, in late 2026 or early 2027,” the minister, Prince Abdelaziz bin Salman, told a conference in Bahrain.
Production will be maintained at this level “if the market allows it,” he added.
Saudi Arabia, which is the world’s largest oil exporter, has not heeded calls by the United States to increase its production to curb rising oil prices since the Russian military offensive in Ukraine began on February 24.
From the start of the war, Saudi Arabia and the United Arab Emirates highlighted their commitment to OPEC+. In early May, the OPEC+ countries agreed to a marginal increase in their production.
Oil giant Saudi Aramco reported that its profits soared more than 80% in the first three months of the year, as it took advantage of the volatility in global energy markets and the increase in oil prices after the Russian invasion of Ukraine.
Outperforms Apple in value
First-quarter earnings for the firm formally known as Saudi Arabian Oil, which overtook Apple as the world’s most valuable company last week, show a record net income of $39.5 billion, up from $21.7 billion during the same quarter. period last year.
The figure marks the oil group’s highest quarterly profit since 2019, when the Saudi government, which owns 98% of the company, listed a portion of its value on Riyadh’s Tadawul Stock Exchange in what was then the Initial Public Offering. biggest in the world.
Amin H. Nasser, CEO of the oil company, attributed the increase in profits to the increase in prices, as well as the increase in the production of the kingdom, along with OPEC +.
It also seemed to suggest that the interruption of the war in Ukraine had underscored the vital role of oil and gas companies like Aramco.
Last week Aramco overtook Apple as the world’s most valuable public company, with a capitalization value of $2.5 trillion, compared to $2.3 trillion for the tech company.
