Saudi Energy Minister Prince Abdulaziz bin Salman revealed today the Kingdom’s plans to increase its daily production of crude by 2026.
“By the end of 2026 or the start of 2027, the Government seeks to produce between 13.2 and 13.4 million barrels per day of oil, depending on what we do in the divided zone,” he stated.
Bahrain will host today, Monday, the 29th Annual Middle East Petroleum & Gas Conference (MPGC), under the auspices of Bahraini’s Oil Minister, and the Bahrain Petroleum Company, the National Oil and Gas Authority.
The minister added at the conference, “Oil output could be maintained at that level once it was reached should market demand require it,” noting that there is no refining capacity equivalent to the current demand for crude.
He remarked, “There isn’t enough refining capacity to meet current demand. The Dorra gas field is now being developed.” He also stressed that Kuwait and Saudi Arabia would like to discuss with Iran the Dorra gas field because the resources there are of common interest for the two countries.
“The depletion of production capacities in the energy sector at all levels is a global issue that the world should pay attention to,” he said.
He highlighted that Saudi is not seeking new investments in Aramco’s upstream activities in other countries because it already carries out many downstream operations.
He went on to say, “We encourage policymakers to come out and say we need oil and gas investments.”
