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Dubai: Saudi Aramco President Amin Al-Nasser announced on Monday that the oil company will use its stocks to add 300,000 barrels to its daily production of crude, with the aim of raising it to 12.3 million barrels in April.
“Our maximum sustainable capacity is 12 million barrels, and we have announced that we will pump 12.3 million barrels,” next month, Al-Nasser said in an interview after announcing the details of Aramco’s performance.
He added: “300 thousand barrels will come from our stocks” inside and outside the Kingdom, noting that his country has huge quantities of oil in these stocks.
Saudi Arabia announced last week that it would increase its daily production from 9.7 million barrels currently to 12.7 million barrels after the Organization of Petroleum Exporting Countries “OPEC”, Russia and other oil countries recently failed to agree to continue reducing production.
According to Aramco’s president, the company is able to continue the new production rate for a full year without the need to spend additional money.
For his part, Deputy Chairman of Financial Affairs Khaled Al-Dabbagh said that the cost of oil production in the Kingdom is very low, and that Saudi Arabia is able to keep prices low for a long time.
Aramco is also working to raise its maximum capacity to 13 million barrels, but to reach this level requires investment.
Oil prices fell again on Monday, due to the outbreak of the new Corona virus and the oil price war between Riyadh and Moscow, Brent crude reached $ 30, down by about 10 percent, and Texas crude to 28.9, down by about 8 percent.
Aramco, the largest oil company in the world, announced on Sunday that its profits in 2019 decreased by 20.6 percent compared to 2018, and reached 88.2 billion dollars, after it was 111.1 billion dollars.