Energy Minister: Saudi Arabia will Increase its Oil Production Capacity During the Next Three Years

Energy Minister: Saudi Arabia will Increase its Oil Production Capacity During the Next Three Years

According to the Kingdom’s energy minister, Saudi Arabia would double its oil production capacity between 2025 and 2027 before returning to its present level of 12.3 million barrels per day in 2028.

Speaking at the St. Petersburg International Economic Forum, Prince Abdulaziz bin Salman stated that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies had the choice to stop or reverse their increase in output.

The production capacity was modified from 13 million barrels per day to 12 million barrels per day. But there will be a gradual increase in 2025. In 2026 and 2027, there will be a larger incremental increase. In 2028, we will resume producing 12.3 million barrels per day,” the minister of energy stated.

“You need to have a clear path on how you produce these volumes in order to increase the capacity over time,” he continued. However, this does not imply what some are claiming these days—that OPEC+ is turning from a price-fixer to a competitor for market share. Threatening tactics are ineffective when used with OPEC+.

The Saudi energy minister made reference to last year’s media rumors regarding the UAE’s intentions to quit OPEC, claiming that the matter was resolved after a brief meeting in Abu Dhabi.

People conjectured as to whether or not the UAE will continue its membership in OPEC. We resolved that matter during a lunch meeting in Abu Dhabi. A very pleasant lunch, the minister remarked.

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