Saudi Arabia increases oil production

Baku. 22 October. REPORT.AZ/ Oilproduction in Saudi Arabia will soon increase to 11 million barrels per dayfrom the current 10.7 million. The possibility of increasing additional capacityfrom 12 to 13 million barrels per day is also being considered.

Report informs citing the TASS that the comment came from Ministerof Energy, Industry and Mineral Resources of Saudi Arabia Khalid A. Al-Falihsaid.

"It is very important for us toemphasize that our production in the near future will reach 11 million barrelsper day on a sustainable basis. Therefore, we will need to decide aboutincreasing our production capacity from the current 12 to 13 million barrelsper day. And this decision will require step-by-step investments in the amountof $20 to $30 billion - capital costs for every million barrels of additionalcapacity,” the minister said.