According to Saudi Energy Minister Abdulaziz bin Salman, the Kingdom will be able to produce between 13.2-13.4 million barrels of oil per day (mmbbl/d) by the end of 2026 or beginning of 2027 thanks to increased production in the divided zone.
During his remarks at the 29th Middle East Petroleum and Gas Conference, Bahrain’s energy minister noted that oil demand has increased post-pandemic, but that refining capacity cannot keep up.
Additionally, he clarified that crude oil is available without any issues.
He also criticized leaders who claim there is a transition to cleaner energy sources, saying nations are buying coal at nearly four times the previous price, and he urged France not to proceed with new nuclear energy provisions.
Saudi Arabia is working with countries like Kuwait to return to previous oil production levels, Salman said.
A million barrels of oil per day will be released for export when gas and renewable energy are used for power generation.
Noting that the fact that the Kingdom is running out of capabilities on all levels is of great concern to the world. Adding that to resolve issues surrounding energy generation, more hydrocarbon investments are needed.