Saudi Arabia plans to increase its daily oil production capacity by more than 1 million barrels to over 13 million barrels a day by early 2027, Energy Minister Prince Abdelaziz bin Salmane said Monday.
Saudi Arabia’s national oil company Saudi Aramco announced in March that the Energy Ministry plans to increase its maximum production capacity from 12 to 13 million barrels a day.
The world’s largest oil exporter, Saudi Arabia has so far not responded to recent calls from the US to increase its production in an attempt to contain the price of black gold, which soared since the outbreak of the Russian offensive in Ukraine on February 24.
Saudi Arabia and the UAE also stressed their commitment to Opec+, an organization that brings together the 13 Opec members, led by Saudi Arabia, and 10 other non-Opec oil-exporting countries led by Russia.
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