ENERGY

Saudi Aramco plans to boost Shaybah field output to 1 mln bpd

Aramco’s CEO Amin Nasser also said he expected oil prices to increase gradually as the gap between supply and demand decreases. (File photo: Reuters)

Saudi Aramco plans to increase oil output from its Shaybah field over the next two weeks to one million barrels per day, Saudi media reported on Thursday, quoting the company CEO.

Amin Nasser also told Saudi journalists that he expected oil prices to increase gradually as the gap between supply and demand decreases, according to the pan-Arab Asharq al-Awsat newspaper.

Nasser also said the company planned a long-term investment spanning 50 years in the Red Sea, where the company has an exploration platform.

‘This is why Aramco to become holding company’

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Last Update: Thursday, 26 May 2016 KSA 10:39 - GMT 07:39
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Saudi Aramco plans to boost Shaybah field output to 1 mln bpd
Aramco’s CEO Amin Nasser also said he expected oil prices to increase gradually as the gap between supply and demand decreases
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