Aramco CEO: Saudi Arabia to raise oil production capacity to 13 million barrels per day

Mohamad Salem – 9 September 2020

Amin Al-Nasser, the CEO of Saudi Aramco said that the giant company is working to increase its oil production capacity by one million barrels per day to reach 13 million barrels per day, despite spending cuts in the years 2020 and 2021.

According to Reuters, Aramco’s capital spending plan for 2021 will be much less than the previous indicative range which ranged between $ 40 billion and $ 45 billion.

Al-Nasser said, “We are continuing to increase our maximum sustainable capacity from 12 to 13 million barrels per day. This will not have a significant impact on capital in 2021.”

He stressed that Aramco’s target for the ratio between the company’s debt and its market value is still between 5% and 15%.

Aramco had announced its results for the first half of 2020, and they reflect the company’s financial and operational flexibility and its commitment to shareholders, despite the market challenges caused by the emerging coronavirus (Covid-19) pandemic.

Engineer Amin Al-Nasser said in a press release that the company achieved profits thanks to financial and operational strength, low production costs, unique business scope, and human resource efficiency, which helped implement the company’s plans and maintain the distribution of dividends.

Al-Nasser added, “We will continue our long-term strategy for growth and diversification adopted by the company, with the aim of achieving new additional value from each of the hydrocarbon molecules that we produce, which will contribute to enhancing global trade prospects and improving living standards.”