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KSA orders Aramco to set output at 12.3m b/d

KSA orders Aramco to set output at 12.3m b/d
Aramco enjoys the lowest oil production cost per barrel in the world
SAUDI ARAMCO
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-0.76% 32.65 -0.25

Riyadh – Mubasher: The Saudi Ministry of Energy has directed the Saudi Arabian Oil Company (Saudi Aramco) to continue to supply crude oil at a level of 12.3 million barrels per day (b/d) over the coming months, Saudi Press Agency (SPA) reported.

Aramco announced last week that the energy ministry directed raising sustainable production capacity to 12-13 million b/d.

Saudi Arabia recently decided to increase crude oil exports in the months to come above the 10 million b/d level.

Moreover, the Saudi oil giant has lowered its official selling prices (OSP) for April shipments.

Due to the objection of Russia, the OPEC+ alliance failed to agree on extending output cuts, a move that OPEC members approved in the face of the adverse impacts of the new coronavirus (COVID-19).

Recent data by Aramco showed that the company maintained the lowest cost of oil production per barrel in the world.

The average cost per the barrel of oil equivalent (BOE) stood at SAR 10.6 ($2.8) in 2019, maintaining the same level as in the year before.