In a statement Saudi Aramco vice president company affairs Mustafa Jalali said, “Depending on market demand, we can now produce 10 million barrels of crude oil daily, and easily sustain that output for the next 50 years.”
“We have developed a set of long-term crude development scenarios that would raise our production capacity to 12 or even 15 million barrels a day. While Saudi Aramco does not have the capacity to produce up to 15 million barrels of oil daily currently, it will come to that when the requirement comes up [and] we have no doubt about our ability to deliver extra production capacity when and if necessary,” added Mustafa.
The Saudi Arabian state-owned firm currently accounts for 11% of the world’s oil production and has reserves of around 259.4 million barrels of crude.
