Tag Archives: Saudi Arabia

Nasser said oil demand is rising by 1.5 million to 1.7 million barrels a day and will be ``healthy`` next year.

Aramco is currently producing 10 million barrels per day (mbpd) and has the ability to produce 12 mbpd. Amin Nasser. chief executive of Saudi Aramco. said in New Delhi.

Aramco is looking at ``all options`` to enter fuel retailing through partnerships with Indian oil companies.

The idea to bump output has been advocated by Saudi Arabia and Russia.

The major producers appear to have consumers’ interests in mind more than they have in the past.

OPEC and its allies have since last year been participating in a pact to cut output by 1.8 million bpd.

Iran. OPEC’s third-largest producer. was against the agreement at first since the country is facing export-crippling US sanctions.

Saudi Arabia is trying to convince fellow OPEC members to pump more oil.

Real increase would be smaller than the nominal gain of 1 million bpd. meaning a compromise with Iran remained possible.

Saudi Arabia and its allies estimate that total cuts now amount to 2.8 million barrels.