Saudi Energy Minister Prince Abdulaziz bin Salman said today, Monday, that the Kingdom is on its way to increase its oil production to more than 13 million barrels per day by the end of 2026 or the beginning of 2027.
Prince Abdulaziz bin Salman said at an energy conference in Bahrain that production can be maintained at this level once it is reached if the market needs it.
He continued, “We will reach production of 13.4 million barrels per day by 2027, according to the production of the divided zone.”
The minister said there were no plans to export methane and all production would be consumed locally.
. added Saudi Energy Minister, Prince Abdulaziz bin Salmanthat there is no refining capacity equivalent to the current demand, explaining that shifting energy production to gas and renewable energy locally, will allow one million barrels per day of oil for export.
Prince Abdulaziz stressed that Kuwait and Saudi Arabia want to discuss the Dorra gas field with Iran because the resources there are a common interest for the two countries, saying: “We are moving towards developing the Dorra gas field.”
“We are not looking at more investments in Aramco’s upstream activities abroad, because it does a lot of downstream activities.”
He pointed out that the depletion of production capacities at all levels in the energy sector is a global issue that the world should pay attention to.
“We encourage policy makers to come out and say we need investments in oil and gas,” the Saudi energy minister added.