DHAHRAN: 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, 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.
Saudi Aramco produces oil at the lowest cost known worldwide, he said.
Nonetheless, Nasser gave emphasis to the rates being exclusively led by supply and demand. Aramco also expects that the stable and gradual increase in price rates would extend till the end of 2016.
Nasser also said that the supply and demand gap has been remarkably narrowed.
Saudi Aramco to boost Shaybah oil field output
Updated 26 May 2016
Saudi Aramco to boost Shaybah oil field output
