Saudi Aramco has asked key energy service providers to support the company’s plans to increase crude oil production to record 12 million bpd from April 1, Reuters reported, citing a Saudi oil industry source. The source added that those service firms were also asked to prepare the required workforce and equipment to help Aramco boost maximum production capacity to 13 million bpd.
Aramco plans to increase its maximum capacity to 13 million bpd for the first time in more than ten years. This decision was taken after Saudi Arabia asked the company to pump 12.3 million bpd and export 10 million bpd in the coming months. However, the oil giant did not disclose when it planned to reach the targeted capacity.
In the report, OPEC and industry sources said that Saudi Arabia was keen to use its vast supplies and financial ability to drive out rivals with higher production costs out of the market. The kingdom aims at increasing its oil exports to 10.6 million bpd from May.
