Saudi Arabia plans to step up production

Saudi Arabia plans to step up production

Saudi Arabia, the world’s biggest oil exporter, plans 'significant growth' in output in 2016 and further international expansion, the head of the country’s state-run producer Saudi Aramco Amin Nasser said, even as global oversupply contributed to a drop in crude prices from a year ago.

“Even though it is challenging, it’s still an opportunity for us to grow,” Bloomberg cited Nasser as saying.

According to him, Saudi Aramco will boost capacity at the Shaybah oil field by 33% to 1 million barrels a day in the next couple of weeks and will double natural gas production over the next decade.

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