• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

Saudi Aramco to Spend $35 Billion on Increasing Oil Production Capacity by 2017

Khalid al-Falih, the head of the world’s biggest oil producer, Saudi Aramco, has given a speech at Oxford University in which he mentioned that his company will invest $35 billion over the next five years to create new oil production opportunities and maintain an oil production capacity cushion which the world heavily relies upon.

He stated that “preserving our spare oil production capacity is crucial to maintaining oil market stability because it plays a pivotal role in protecting the world's economic health.”

“So we are continuing to strengthen our oil business to meet the rising call on our oil production; in fact, we plan to invest $35 billion over the next five years in crude oil exploration and development alone to keep our oil production portfolio robust.”

Related Article: Smash the Rally in Oil

Despite the weak demand in Europe, a result of the poor economic climate there, Saudi Aramco has been producing oil at record levels, nearly 10 million barrels a day; mostly due to the loss in oil production from Iran.

Large investments are needed to maintain or even increase this production capacity, to make up for the decline of older fields, if Saudi Arabia hopes to maintain its position as the world’s only flexible producer over the next decade.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News