aramco prioritises capacity growth

摘要

State-controlled Saudi Aramco is directing most of its spending towards a planned production capacity rise to capitalise on global oil supply underinvestment concerns and to pick up market share from frms that have cut upstream investment. Aramco aims to complete a government-mandated 1mn b/d increase in crude output capacity — to 13mn b/d — by 2025. Riyadh ordered the rise in March 2020 to assert its dominant status within Opec+, but the plan still holds in the new context of an accelerated global push towards the energy transition as the majors face shareholder pressure to lower emissions. “Seeing that there is a lot of underinvestment in supply, it is a great opportunity for us to increase our low- cost, low-carbon-intensity supply to the world,” chief executive Amin Nasser says.