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FinancialNews
29-09-18
Saudi Aramco to raise 2 key oil fields production capacity
(MENAFN) Saudi Aramco will likely boost the capacity of the oil output by 550,000 barrels per day from a couple of key oil fields during the last quarter of this year.
The move is to be taken so as to have the capability of raising oil production in case there is demand, Reuters cited a source as saying.
The decision is to grant Saudi Arabia an additional half a million barrels of oil a day of spare capacity, while the market is forecast to stiffen with Iranian oil barrels, the report noted.
The report revealed that Khurais oil field is expected to see an increase in capacity between 250,000 bpd and 300,000 bpd, standing at 1.5 million bpd.
It added that Manifa oil field is projected to see a raise in capacity by 300,000 bpd from its current 900,000 bpd.
MENAFN2909201800450000ID1097505738
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