Saudi Aramco announces receiving a directive to raise production levels to 13 million barrels per day

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money and business

Reuters

Saudi Aramco announced today that it has received a directive from the Saudi Ministry of Energy to raise the level of maximum sustainable production capacity to 13 million barrels per day from 12 million barrels per day.

The move comes after Riyadh and Moscow failed last Friday to reach an agreement on production cuts beyond March 2020, as Russia rejected a proposal for an additional increase in production cut by 1.5 million barrels per day until the end of 2020, for its part, Riyadh refused to extend the current agreement with the current conditions .

After that, news came about the kingdom’s intention to increase its oil production and offer price discounts to its customers in Asia, and experts considered this as a declaration of an “oil price war” against Russia.

The new production level (13 million per day) is considered standard, if it was actually achieved, as the Kingdom’s production has never reached this level at any time, and the following is a graph showing the trend of Saudi oil production in about 25 years:

Source: Agencies





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