The Saudi Energy Minister said, on Monday, that the Kingdom of Saudi Arabia 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.
The prince said that the level of the maximum production capacity will be raised from 13.3 million barrels to 13.4 million barrels per day, indicating that this will depend on what is agreed upon in the divided zone. He added, that this will be the end of 2026 and the beginning of 2027.
He pointed out that further investments in Saudi Aramco’s upstream activities abroad are not being discussed, because the company will focus abroad on downstream activities, especially the conversion of oil into chemicals.
The Saudi energy minister clarified that there are no plans to export methane and all production will be consumed locally. He said: “The exhaustion of production capacities at all levels in the energy sector is a global issue that the world should care regarding.. We encourage policy makers to come out and say we need investments in oil and gas. ».
Regarding renewable energy, the minister said, “The shift of energy production to gas and renewable energy locally will allow one million barrels per day of oil for export.”
Regarding the development of the Dorra gas field, the minister added: “We are moving towards developing the Dorra gas field. Kuwait and Saudi Arabia want to discuss the Dorra gas field with Iran because the resources are a common interest for the two countries.”
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