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Aramco confirms the completion of raising its production capacity to 13 million barrels by 2027
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Saudi Aramco said that the natural gas crisis is already boosting demand for oil and that it has renewed its plans to increase its production capacity to 13 million barrels by 2027.
Amin Nasser, CEO of the world's largest oil company, said crude oil consumption rose by about 500,000 barrels per day, roughly the same as the total production of Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC).
The shortage of natural gas has driven prices in Europe and Asia to the equivalent of about $180 a barrel of oil, forcing some companies to switch to crude oil.
"There is a higher demand," Nasser said during the Energy Intelligence forum. "There's some shift we've seen from gas to liquid alternatives like oil, especially in some markets in Asia."
Other OPEC countries, including Iraq and Nigeria, have said gas shortages will affect oil markets.
Nasser said that Aramco will aim to complete the increase in daily oil production capacity to 13 million barrels by 2027, compared to 12 million barrels. Although the company did not disclose the cost of the project to raise production capacity, it is likely to require billions of dollars, indicating Aramco's confidence that demand for oil will remain strong for at least the next decade.
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