Saudi Aramco to raise its share in world oil markets

According to Reuter’s sources, Saudi Aramco is gaining market share and pushing for greater efficiency, chief executive Amin Nasser said in an interview.

Nasser told Reuters that the state-owned group was pressing on with preparations for its partial privatization via a stock market listing, which he said, lay at the heart of Riyadh’s “Vision 2030”, a long-term economic plan headed by Deputy Crown Prince Mohammed bin Salman.

Saudi Arabia has led OPEC’s decision in November 2014 to refuse to cut supply to boost prices. Instead it managed to raise output and fight for market share against higher-cost rivals such as U.S. shale producers and also against Iran which has raised its exports since the lifting of international sanctions.

“We are preserving our market share which continues to increase year-on-year,” he said in the interview.

In Aramco’s latest annual review (2015), Saudi Aramco’s oil reserves have remained unchanged at 261.1 billion barrels with crude oil production capacity to touch 12 million b/d andNatural Gas reserves rose to 297.6 trillion standard cubic feet.

The Kingdom crude oil production has increased to 10.2 M/bpd in 2015, a new all-time record, and up from 9.5 M/bpd in 2014.

Also, Aramco’s crude oil exports have increased from 6.8 million bpd in 2014 to 7.1 million bpd in 2015. Most of 2015 exports (65%) delivered to Asian Markets comparing with 62.3% in 2014.

As for oil prices, Nasser expects them to “trend upward by the end of 2016” as global demand picks up and production from high-cost producers, such as shale oil and deep water offshore fields falls.