Saudi Arabia will increase its oil production capacity over the next three years, Minister of Energy of Saudi Arabia, Prince Abdulaziz bin Salman, said at the St. Petersburg International Economic Forum (SPIEF), Report informs referring to TASS.
Saudi Arabia, historically one of the world's largest oil producers, had previously reduced its production from 13 million barrels per day to 12 million. However, the country now aims to gradually increase its output, with a significant boost expected in 2026 and a further increase in 2027. By the end of this period, Saudi Arabia expects to return to its impressive production level of 12-13 million barrels per day.
In addition to the planned increase in production capacity, Saudi Arabia also intends to enhance its oil export capabilities. This move is likely to solidify the kingdom's position as a dominant force in the global oil market and contribute to its economic growth.
The announcement comes at a time when the world is grappling with fluctuating oil prices and a growing demand for energy. Saudi Arabia's decision to boost its production capacity could have significant implications for the global oil market and the economies of oil-importing nations.