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Saudi Aramco, the state oil company of Saudi Arabia, announced the increase in oil and natural gas production in the coming years, to meet an ever-increasing demand. The announcement was made on Sunday, during the presentation of the financial results of the last year: Saudi Aramco said it will increase the “maximum production” of oil from 12 to 13 million barrels per day by 2027, and that of gas over 50 percent by 2030 (“maximum production” is the amount of oil or gas that can be produced in one day).
The announcement came at a particularly sensitive time for the energy sector, with the price of gasoline rising in many countries amid rising demand after two years of slowing due to the pandemic. The increase in prices has to do with the repercussions of the Russian invasion of Ukraine, and more generally with the trend in the price of Brent, the oil extracted in the North Sea that serves as a reference for most of the prices. world cup.
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One of the reasons for the rise in the price of Brent was a decision by OPEC +, the alliance of 23 oil-producing countries led by Saudi Arabia and which also includes Russia, which he had confirmed of wanting to keep the plans to increase production unchanged, which foresee reaching 400 thousand barrels of oil per day. The decision was made despite the US request for a larger hike in an attempt to lower prices.