Saudi to increase oil production to 12 million barrels a day by 2009

RIYADH - Saudi Arabia is planning to increase its production of crude oil to 12 million barrels per day by the end of 2009, the Saudi News Agency reported on Tuesday.

By (DPA)

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Published: Tue 13 Jun 2006, 7:54 PM

Last updated: Sat 4 Apr 2015, 3:24 PM

The president of oil company Aramco Abdallah Jomaa was quoted by the agency as saying that the increase is expected to compensate for the downturn in oil production and reach the company’s maximum production capacity through the implementation of a number of huge projects.

Jomaa confirmed that Aramco would maintain its current reserve production of 1.5 to 2 million barrels per day. Jomaa stressed that despite reserve production’s high cost, it proved its economic utility in balancing supply and demand in the light of a growing global economy.

He said that the company has planned huge projects in the fields of refinery, sales and extending the main oil pipeline network, the largest of its kind in the world.

Jomaa said that the projects are aimed at alleviating the pressure on the international refinery network and increasing the capacity of refineries in processing crude heavy oils, adding that the projects will be carried out under international environmental standards.

Aramco has maintained its position as the world’s largest oil company in 2005 during which it produced 3.3 billion barrels of crude oil, a reported issued by the company on Tuesday said.

Its reserves reached 259.8 billion barrels, which makes up quarter of the world’s reserves, the report said.

The report issued by Aramco predicted that global consumption of energy in 2030 would increase by 52 per cent.

Saudi is the world’s largest oil producer.

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