09/05/2009
Khalid Al-Falih, the President and CEO of Saudi Aramco, said that Saudi Arabia is approaching its goal of increasing oil production to 12.5 million barrels per day. He added that the oil market will recieve a vast increase, and supply will be greater than demand for several years to come.
Amin Al-Nasir, Aramco's Vice President of Exploration and Production, said at a conference on offshore drilling technology in Houston, TX that the Kingdom is expected to reach its goal of increasing oil production to 12.5 mbpd by the end of next January. A source speaking on behalf of Al-Nasir said that Saudi oil production is now at 8 mbpd and there are no immediate expectations to lower production.
Oil prices have continued to rise, recently passing 54 dollars per barrel, boosted by a sudden unexpected fall in American oil and gas reserves.
