Saudi Aramco on Sunday reported that it produced 9.5 million bpd of crude oil in the third quarter of 2021. Its total hydrocarbon production came in at 12.9 million boepd in the quarter. There is no a-year-ago figure, but it represents an increase from 12.4 million boepd in the first nine months of 2020, of which 9.2 million bpd was crude oil. CEO Amin Nasser said global crude consumption is “very healthy” and is on course to reach nearly 99 million bpd by the end of the year from 97 million bpd in the third quarter.
Aramco raised its capital spending by 19% year-on-year to $7.6 billion in the quarter ended September 30. The company is expected to continue boosting its capex through the rest of the year as it tries to expand its maximum sustainable capacity from 12 million bpd now to 13 million bpd by 2027. The company reports that its net profit more than doubled to $30.4 billion for the third quarter, thanks to higher oil sales and prices.
Saudi Arabia and its allies within OPEC+ are tapering their historic 9.7 million bpd supply cut implemented last year due to a demand collapse caused by the COVID-19 pandemic. The group has so far maintained its gradual output rise of 400,000 bpd each month since August. OPEC+ sticks to the plan despite growing calls from consuming countries for more supplies as it expects the market to turn into a surplus next year.
