Saudi Aramco is ‘very comfortable’ with oil at $30 per barrel: CFO

The Saudi Aramco logo. (File photo: Reuters)

Saudi Aramco is “very comfortable” with oil at $30 a barrel, CFO Khalid al-Dabbagh said on Monday during a conference call.

The energy giant will likely to sustain higher oil output for April in May, the company’s CEO Amin Nasser added during the call.

The company will continue to be able to meet its dividend and shareholder commitments even while oil prices are plummeting, Al-Dabbagh said.

He added that Aramco has a “massive capacity” to borrow but does not need any additional debt.

The news follows an announcement last week that Aramco would increase its crude oil supply to 12.3 million bpd in April, up around 2.5 million bpd from March, and 300,000 more than the company’s current maximum sustained capacity. Aramco later said it had received a directive from the Ministry of Energy to increase its maximum sustainable capacity from 12 million barrels per day (bpd) to 13 million bpd.

Following the breakdown of talks on March 6 between OPEC members and Russia on securing a further output cut of 1.5 million barrels per day, lines have been drawn in an oil market price war.

With agencies

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 10:05 - GMT 07:05
Top