Saudi Aramco says it can maintain max oil production for a year without new capex

摘要

Dubai—Saudi Aramco can pump crude at its maximum 12 million b/d capacity for a year without any new investment, its CEO said Monday, as the world’s largest oil producer girds for a potentially protracted price war against Russia and US shale companies. The Saudi oil giant earlier this month aggressively slashed its selling prices for crude exports and announced plans for a surge in production, after its more-than-three-year partnership with Russia and other key producers on output cuts broke up in acrimony. The moves have contributed to a massive rout in crude prices, with the market already weakened by the impact of the coronavirus outbreak.