Saudi Aramco CEO Amin Nassar said on Sunday that it is ready to increase crude oil production to maximum capacity 12 million bbl/day if the Saudi government asks to do so.
“We are confident” about our ability to ramp up to 12 million bbl/day any time there is a need or call from the government or from the department of energy to increase our production,” Nasser said.
Comments come like Aramco (ARMCO) report a Q2 profit up 90% to a higher-than-expected 181.64 billion riyals ($48.4 billion), the state-owned oil company’s highest quarterly net profit since the start of trading in shares on the stock exchange Saudi Arabia in 2019.
Aramco (ARMCO) said it is on track to expand total production by 1 million boe/d by 2027 as the average output in Q2 was 13.6 million boe/d.
Aramco (ARMCO) shares were trading at ~40 riyals when the market opened on Sunday, valuing the company at $2.4T.
WTI . crude oil price up 3% last week to over $92/bbl after disruption at some terminals off the Gulf of Mexico.