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June 27
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Saudi Arabia expects to increase daily oil production by more than one million barrels and exceed 13 million barrels by early 2027, Saudi Energy Minister Prince Abdulaziz bin Salman said at an energy conference in Bahrain.

According to him, production at this level will be maintained if the market allows.

Energy giant Saudi Aramco announced in March 2020 that it had been directed by the Department of Energy to increase its maximum sustainable capacity from 12 million bpd to 13 million bpd.

The announcement comes a day after Saudi energy giant Aramco reported an 82 percent jump in first-quarter profits, boosted by rising global oil prices fueled by the war in Ukraine.

Those results helped Aramco dethrone Apple last week as the world's most valuable company by market cap.

Saudi Arabia, the world's largest oil exporter, is resisting US requests to increase production in an attempt to rein in prices that have risen since the outbreak of the war in Ukraine.

Saudi Arabia and the United Arab Emirates have underscored their commitment to the OPEC+ oil alliance, led by Riyadh and Moscow, highlighting the growing independence of Riyadh and Abu Dhabi from longtime ally Washington.

Last year, ahead of the COP26 climate change summit, Saudi Arabia pledged to achieve zero carbon emissions by 2060.

Experts warn of the urgent need to reduce fossil fuel use due to the growing global need to limit global warming.

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