Saudi Aramco Says Its Oil Output Trending Slightly Upwards

Reuters

DHAHRAN, Saudi Arabia, May 10 (Reuters) - Saudi Aramco's oil production is trending slightly upwards in 2016 because of growth in demand, chief executive Amin Nasser said on Tuesday.

The company will expand its capacity in future if that is needed, but for the time being its maximum sustainable output capacity is 12 million barrels per day and the nation's total capacity is 12.5 million bpd, he told reporters.

Nasser said the expansion of the company's Khurais oilfield would come on stream in 2018.

He also said there was a big drop in oil output among non-conventional and even other conventional producers.

Mohammed al-Qahtani, senior vice-president for upstream operations, said Aramco expected to operate between 211 and 214 oil and gas drilling rigs this year.

That would be roughly flat from last year, according to previous data from the company.

(Reporting by Rania El Gamal; Writing by Andrew Torchia)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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