Saudi Arabia’s Crown Prince Muhammad bin Salman says the world will have to look elsewhere for upstream capacity gains beyond 2027. By 2027, Saudi Aramco will have added 1mn b/d to its claimed 12mn b/d maximum sustainable capacity (MSC), bringing it up to 13mn b/d. “After that, the kingdom will not have any more capability to increase production,” the Crown Prince said on 16 July.
Speaking in Jeddah during the visit of US President Joe Biden, the Crown Prince stressed “the importance of continuing to inject and encourage investments in fossil fuel energy and into clean technologies over the next two decades to meet growing global demand.” He emphasized the importance of policy makers reassuring investors that environmental regulations won’t threaten their investments. (CONTINUED - 712 WORDS)