Saudi Aramco energy giant reiterated on Monday that it is capable of supplying the market with 12.3 million barrels daily in April after the OPEC+ oil cuts production agreement expires, the company's CEO Amin Nasser said
MOSCOW (Pakistan Point News / Sputnik - 16th March, 2020) Saudi Aramco energy giant reiterated on Monday that it is capable of supplying the market with 12.3 million barrels daily in April after the OPEC+ oil cuts production agreement expires, the company's CEO Amin Nasser said.
"Our national sustaining capacity is 12 million barrels, 300,000 is coming from our inventory, whether in Kingdom or out of Kingdom. We are looking at how long we can maintain that additional 300,000 ... and we are looking at other months maintaining production at our maximum sustaining capacity of 12 million," Nasser said during the broadcast of the company's full-year results for 2019.
The Saudi national energy company can sustain production of 12 million bpd for one year without any additional capital expenditure (CAPEX) or operating expense (OPEX), the executive noted.
