Saudi Arabia plans to boost oil production capacity to 12.3mln bpd by 2028

07 June, 2024

Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman, announced the Kingdom's ambitious plan to increase its oil production capacity to 12.3 million barrels per day by 2028. This significant expansion aligns with the Kingdom's strategic goals amidst evolving global energy markets, Saudi Gazette reported.
The announcement came during a special panel discussion at the St. Petersburg International Economic Forum in Russia. The forum, themed "The Future of the Oil and Gas Market: Global Demand Outlook and Producers' Plans," was attended by several OPEC and non-OPEC ministers.
Abdulaziz, who also serves as the chairman of the OPEC+ ministerial meetings, underscored the robust decisions made during the 37th OPEC and non-OPEC ministerial meeting held on June 2 in Riyadh.
He emphasized that the OPEC+ agreement allows for flexible adjustments to production, including temporary suspensions or reversals if market conditions necessitate.


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