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Sources: Saudi Arabia will increase its oil production to about 10.5 million barrels per day
Friday 29-04-2016 | 11:56:09
J p
Friday 29-04-2016 | 11:56:09
J p
Twilight News sources in the oil sector / Saudi Arabia said that the Kingdom's production of crude will rise to record levels in the coming weeks to meet demand for electricity in the summer, but he is unlikely to be up to the extent that dumped into global markets.
The sources said that production could rise to about 10.5 million barrels a day during the summer. It said three sources to monitor Saudi production to April, the production did not score changed little at around 10.15 million barrels per day.
Those expectations may help calm market fears of the possibility that the Kingdom add a lot to the oversupply of crude on world markets collapsed after the installation of the production, which was held in Doha, Qatar this month after Riyadh refused to sign the agreement without the participation of its Tehran talks.
Days before the meeting, the Crown Prince of Saudi Crown Prince Mohammed bin Salman said Saudi could raise production immediately to 11.5 million barrels a day and reach it to 12.5 million barrels a day within six to nine months if they have the desire to do so.
Some analysts said that these statements give a signal to enter into a new phase in the battle for market share with Iran that increase their exports after the lifting of international sanctions that were imposed on them.
But sources in the sector, Saudi Arabia, told Reuters that Riyadh does not plan to flood the market with more crude in case of lack of demand.
The sources said that the statements made by Prince Mohammed bin Salman was aimed at highlighting the Kingdom's ability in theory to increase its production of crude.
One source said "a ten million barrels a day? I do not expect that."
The sources said that production are likely to remain little changed at 10.2 to 10.3 million barrels a day change and it could rise by about 200 thousand to 300 thousand barrels per day in the summer months when temperatures rise to about 10.5 million barrels a day.
Often production rises in the summer when the kingdom burned more than 800 thousand barrels per day to generate electricity with a high demand for air conditioning.
And the Saudi Aramco oil giant industry production capacity of up to 12 million barrels per day while maintaining a surplus of between 1.5 million and two million barrels per day to be used in the case of global supply disruptions.
But production was never up to 11 million barrels per day. The kingdom pumped 10.56 million bpd in June last year, a record level of production. The UK has kept production little changed in March at 10.22 million barrels per day after the change did not disclose all of April data.
Earlier this month, Saudi Aramco has sold 730 thousand barrels for download in June, the refinery China's Shandong Tchambrod Petrochemical is one of the 20 independent refinery.
It was the first immediate sale of Aramco process independent of the refinery, but sources in the oil sector in Saudi Arabia said that such a deal should not be seen as any escalation of the battle for market share
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