Arabia plans to increase oil production by over 1 million barrels per
day (bpd) by the end of 2026 or the beginning of 2027, international
media outlets cited the energy minister as saying on Monday.
at an energy conference in Bahrain, Saudi Energy Minister Abdulaziz
bin Salman said his country could maintain production at over 13
million bpd if the market needs more oil.
also said upstream investments would be boosted in line with their
have no money to waste somewhere else,' Salman said, stressing that
output could reach between 13.2 and 13.4 million bpd.
International Energy Agency (IEA) on Thursday said global oil supply
in April saw its biggest monthly loss since February last year,
decreasing by 710,000 bpd to 98.14 million bpd, as Russia shut in
nearly 1 million bpd.
IEA’s report came in the wake of the war between Russia and
Ukraine, which continues to strain political ties in Eastern Europe.
This has prompted numerous sanctions on Russia, the last of which
includes a ban on oil from the country’s oil and gas exports.
the supply crunch on global markets had already begun long before
concerns arose from geopolitical risks in Eastern Europe.
countries, which had to cut supplies in the early days of the
pandemic in 2020, had difficulties in restarting production at the
same pace in 2021 when demand was on the rise and supplies were
depleting due to insufficient investments and technical problems.
oil markets are now faced with supply concerns instead of demand
Organization of Petroleum Exporting Countries (OPEC) continues its
incremental output increase policy, however, according to the IEA,
the group is failing to reach official output targets.