Saudi Aramco’s CEO, Amin Nasser, declared at the London Energy Intelligence Forum that the company is capable of sustaining its crude oil production at a ceiling of 12 million barrels per day (bpd) for up to one year without incurring additional cost burdens. Reuters
Nasser emphasized Aramco’s ultra‑low cost upstream operations, citing production cost of approximately $2 per barrel for oil and $1 for gas. Such cost efficiency, he argued, underpins the company’s strategic resilience, even amid volatile global markets. Reuters
Earlier expectations had targeted a 13 million bpd ceiling, but in early 2024 the Saudi energy ministry adjusted the target downward to 12 million. The International Energy Agency (IEA) estimates Saudi’s current spare capacity at roughly 2.43 million bpd, out of OPEC+’s 4.05 million bpd total spare capacity. Reuters
Aramco is broadening its strategic focus beyond crude oil. Investments in chemicals, petrochemicals, and downstream operations are central to its future growth. The company acquired a major stake in Petro Rabigh, invested in China’s Rongsheng Petrochemical, and is partnering on an $11 billion ethylene complex with TotalEnergies, expected to commence production by 2027. Reuters
Cette annonce confirme la position de force d’Aramco dans le secteur et rassure les marchés sur sa capacité à absorber les chocs à court terme.
References & Source
Reuters, “Saudi Aramco can sustain 12 million bpd maximum oil capacity for a year”