Aramco prepares for maximum capacity production … oil prices, where to?

0
34


Preparing
Saudi Aramco Oil Production Company with maximum capacity, starting in early April,
Next Wednesday, according to a source in the Saudi oil sector.

And in
In this regard, the Saudi oil giant asked companies
Major energy services support his production plans with a maximum production capacity of 12 million
Barrels per day, starting in April. According to what Reuters reported
Saudi source.

And he said
The source said Aramco notified service companies “of harnessing the necessary resources, including forces.”
Manpower and equipment “to help it increase its production capacity to 13 million barrels per day.

It was announced
Saudi Arabia plans to increase its crude supplies and exports significantly after it collapsed this month
A three-year agreement to cut production between the Organization of the Petroleum Exporting Countries and producers
Others led by Russia.

Also read: Analysts: Oil will remain below $ 40 in 2020 for these reasons

And she said
Sources from OPEC and the sector to “Reuters” The world’s largest oil exporter intends to keep
In the long run the survival strategy of the fittest, which is adopted by the oil market using
Its massive supplies and financial capabilities to exclude competitors increase their production costs.

Lost
Oil prices are about 70 percent of their value since a peak recorded earlier this year, which
Mainly due to the collapse of the production cut agreement and the spread of the Coruna virus.

And under
The current oil production cut agreement, which expires on Tuesday, has reduced oil production on the market
2.1 million barrels per day, which Riyadh has borne the bulk of it.

Intends
The Kingdom, the largest producer in OPEC, increased its oil exports to 10.6 million barrels per day from next May. A Saudi Energy Ministry official said on Monday that the country was consuming less oil
To generate electricity and its domestic consumption is declining.

And she said
Saudi Arabia, earlier this month, it directed the national oil company Aramco to continue pumping crude at a record rate
At 12.3 million barrels per day over the coming months, more than ten million barrels are exported
Daily from may.

And plan
The company increased its capacity to produce oil to 13 million barrels per day for the first time in more
Ten years. And did not specify a date to reach this goal. With the work that the Kingdom produces more than one tenth of the global crude.

Statistics show that production
OPEC rose during March from its lowest level in more than ten years, with a boost
Saudi Arabia supplied from crude.

Also read: Oil caught its breath from the bottom of 2002 after the Putin and Trump talks

And in
On average, the 13-member Organization of Petroleum Exporting Countries pumped 27.93 million barrels
Per day during March, according to the results of a survey published by “Reuters”, an increase of 90 thousand barrels per day from the February figure
February.

And it was
An agreement between OPEC and other producers, within the framework of what is known as the OPEC + group, collapsed on the sixth
From March, which accelerated a drop in prices that had already begun due to an outbreak of the Coronavirus.
Brent crude tumbled around $ 22 a barrel, its lowest since 2002.

And in
When Saudi Arabia plans to boost supply after the OPEC + deal collapses, OPEC production has not changed
Much after, because the March production export agreements were already in place, Petro-Logistics said
That monitors oil shipments.

And he said
Daniel Gerber, CEO of Petro-Logistics, told “Reuters”, OPEC presented in March, little changed from February, as it hovers around record low levels .. allocations
Barrels this month were in place when the OPEC + agreement collapsed on March 6. ”

But he said: “Maybe
Calm before the storm, because many OPEC countries announced to increase the supply and exports to the maximum
Degree in April. Initial indicators show that export rates from Saudi Arabia and the UAE
Kuwait is rising. “



LEAVE A REPLY

Please enter your comment!
Please enter your name here