Skip to Content

Aramco To Increase Oil Output To 12.3m Barrels Per Day Starting April

Aramco To Increase Oil Output To 12.3m Barrels Per Day Starting April

Submitted by • March 11, 2020 arab.news

DUBAI: Saudi Aramco, the world’s largest oil company, is to increase crude production to record levels in a bid to win market share in the global tussle over energy prices.

In a statement to the Tadawul stock exchange in Riyadh — where the shares are listed — the company said: “Saudi Aramco will provide its customers with 12.3 million barrels per day of crude oil in April, an increase of 300 thousand barrels per day over the company’s maximum sustained capacity of 12 million barrels. The company has agreed with its customers to provide them with such volumes starting 1 April.”

It added: “The company expects that this will have a positive, long-term financial effect.”

The announcement — coming in the middle of unprecedented volatility in global energy markets — was preceded by a brief suspension of its shares on the Tadawul, at its own request, as is required when a listed company is about to announce a “material event.”

The move to increase output dram

Voted by:
Voted by arabnews

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>