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Saudi Arabia to Increase Oil Production to 12.3 mln bpd in 2028

Saudi Arabia will gradually push up oil production over the next three years, until it reaches 12.3 million barrels per day (bpd) in 2028, Saudi Minister of Energy Abdulaziz bin Salman said in St. Petersburg International Economic Forum.

The minister said that the Kingdom is focusing on generating electricity from renewable energy, which will save one million barrels that were previously used to generate electricity, reported Ajel.SA.

” In 2025, we will witness a gradual increase and in 2026, we will witness a greater increase in production capacity. We will witness an increase in 2027, then we will go back to 12.3 million barrels in 2028.”

Last April, the head of the International Monetary Fund mission to Saudi Arabia, Amine Mati, expected Saudi Arabia’s oil production to rise to 11 million bpd by 2029, reported Al-madina.

Mati added – in an interview with Bloomberg Sharq TV – that the Fund expects OPEC + to completely reverse the production cut by 2025.

Mati added that, given the announcements issued by OPEC+ and the voluntary reduction in production by Saudi Arabia, the reduction will be extended until June 2024. He explained that under the baseline, it is assumed that the reduction in oil production will be completely reversed in 2025. Thus 10 million barrels will be produced as of 2025; to reach 11 million barrels per day in the medium term in 2029.

Related Topics :

World Bank Raises Saudi Arabia’s Growth Forecast by 1.7%

Saudi economic reforms, policy cushioned impact of pandemic: IMF

Petrochemical Industry in Saudi Arabia: Cornerstone of Economic Growth

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