Saudi Aramco talks shortage of production capacity for oil production growth

Increasing oil production is now almost impossible due to the lack of free capacity, which is 1.5% of world demand, Director-General of the state-owned company Saudi Aramco Amin Nasser said, Report informs referring to the Al Arabia TV channel.

The presence of additional production capacity is not the responsibility of Saudi Arabia alone, free capacity is 1.5% of world demand. The oil market does not focus on the fact that the capacity to increase oil production in the world is very small, Nasser said.

He added that Saudi Aramco will be able to keep the Asian market despite that demand in Europe rose sharply. In addition, the company does not see competition in Russian oil, which enters the Asian markets, he noted.