Saudi Arabia increases oil production

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

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

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