Saudi Aramco prepared to increase output to 12m bpd if government asks for, says CEO

RIYADH: The Saudi Arabian Oil Co., also known as Aramco, is ready to increase oil production to 12 million barrels per day when the government asks for it, according to its CEO Amin Nasser.
In a press conference after reporting a 90-percent rise in second-quarter profit on Sunday, Nasser said that oil demand growth is healthy with more demand coming from Asia.
The CEO said that Aramco is deeply concerned with the lack of investment in oil output capacity globally, along with declining rates in oil fields.
He noted that Aramco has been responding to this crisis by raising the maximum production capacity, while urging others to join hands with Aramco in this effort. When asked by Arab News about reports which stated that Aramco Trading is importing a record amount of Russian fuel oil to be used domestically, Nasser said: “Before the crisis, we were importing a limited amount of fuel oil from the market to supply our utility sector. We did not change in terms of the limited quantities that we were being supplied from different markets. Our strategies are the same, in terms of continuing, as before the crisis, in terms of meeting our requirements from different markets.” The CEO predicted that there could be an additional 2 million bpd crude oil demand next year, but there is no sufficient capacity to meet that. -Arab news