Saudi Aramco CEO sees ‘significant growth’ in oil output in 2016

DHAHRAN, Saudi Arabia (Bloomberg) — Saudi Arabia, the world’s biggest oil exporter, plans “significant growth” in output in 2016 and further international expansion, the head of the country’s state-run producer said, even as global oversupply contributed to a drop in crude prices from a year ago.Saudi Arabian Oil Co., also known as Saudi Aramco, will boost capacity at Shaybah oil field by 33% to 1 MMbpd in the next couple of weeks and will double natural gas production over the next decade, Amin Nasser, CEO, told reporters Tuesday at the company’s headquarters in Dhahran, eastern Saudi Arabia.“Even though it is challenging, it’s still an opportunity for us to grow,” Nasser said of the international expansion plans.

Source: Saudi Aramco CEO sees ‘significant growth’ in oil output in 2016

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