Saudi Arabia, the world’s biggest oil producer, expects production to average 8.7 million barrels a day by 2015, the country’s OPEC governor said.
Average crude output will rise to 10.8 million barrels a day by 2030 as long as supplies from other nations don’t fluctuate sharply, Majid Al Moneef said in a report posted on the website of Arab Energy Club. This level of production will allow the kingdom to maintain total capacity at 12.5 million barrels, he said.
The country’s upstream investments in recent years are sufficient “to meet both export and local demand requirements while keeping a high spare capacity reaching 1.7 million barrels a day by 2030,” according to the report, entitled ‘Saudi Economy and the Future of Energy’ published on April 18. The kingdom aims to maintain surplus production of 1.5 million to 2 million barrels a day.
Saudi Arabian output averaged 8.3 million barrels a day in the past two decades, or 32 percent of shipments from the Organization of Petroleum Exporting Countries, he said. The resumption of Iraqi supplies has lowered the kingdom’s share of OPEC production to about 28 percent in the past five years, Al Moneef said.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.