Saudi Aramco to Up Oil Output Capacity 12M B/D by End 2009

NEW DELHI (Dow Jones Newswires), November 26, 2008

Saudi Arabian Oil Co., or Saudi Aramco, will increase oil production capacity by 1 million barrels a day by the end of next year but isn't likely to produce at peak capacity, its president and chief executive said Wednesday.

"In Saudi Arabia today, we have the capability to produce up to 11 million barrels per day," Abdallah Jum'ah told a news conference. "By the end of next year, we will have a capacity of 12 million barrels...."

"But, we are not going to produce that because Saudi Arabia always puts a cushion so that the world does not see any (supply) hiccups."  

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