Saudi Arabia is likely to keep its oil production steady at current levels of around – give or take 200,000 b/d up or down – 10mn b/d with little change expected to the end of the year, industry sources say. But maintaining high output levels as domestic demand has soared to historic high levels has prompted Saudi Aramco to launch a reservoir management plan that will see an increase in the volume of lighter grades from Khurais and Shaybah and give older reservoirs a rest as new refineries soak up heavy oil from the offshore Manifa field.
Saudi Aramco CEO Khalid al-Falih, speaking at the World Energy Congress in Daegu, South Korea, said on 14 October that the kingdom would maintain output capacity at 12.5mn b/d, and that it planned to add 550,000 b/d of capacity from the Shaybah and Khurais fields by 2017. (CONTINUED - 1093 WORDS)
