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  • 01-04-19

    Fitch: Saudi Aramco largest oil producer globally

    (MENAFN) Oil giant Saudi Aramco, Fitch Ratings announced on Monday, is the largest oil producers across the world, beating Abu Dhabi National Oil Company (ADNOC) and Royal Dutch Shell in 2018.

    "Saudi Aramco is the largest oil producer globally by volume... In 2018 its liquids production and its total hydrocarbon production averaged 11.6 million and 13.6 million barrels of oil equivalent per day, respectively, well ahead of the upstream output of global and regional integrated producers such as ADNOC, Shell, Total and BP," Fitch stated.

    Aramco "is less integrated into natural gas and downstream than some of its international peers, such as Shell and Total, which makes it more exposed to oil prices although this is mitigated by low cost of production, its downstream expansion strategy and, the acquisition of SABIC," the rating agency affirmed.

    It comes one week after Aramco declared a plan to acquire 70 percent in shares in Saudi Basic Industries Corp (SABIC).

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