Saudi Arabia likely to ramp oil output this year to meet ‘growth’ in demand

Source: nbr.com --- Tuesday, May 10, 2016
saudiarabia’s state-run oil company has said that production will trend slightly higher this year as it detailed plans to become the world’s leading energy and chemicals company by 2020. Speaking on Tuesday, the president of saudi Aramco, or to give it its full name, the saudi Arabian Oil Company, said that despite the current oil market environment remaining “challenging,” the company is still looking for growth opportunities and joint ventures. Reza/Getty Images A worker stands at a pipeline, watching a flare stack at the saudi Aramco oil field complex facilities in Shaybah, saudiarabia. President and Chief Executive Amin Hassan Nasser told journalists that the company – which recently announced it’s to sell a 5 percent stake – was still looking to expand its oil operations and was also looking at new joint ventures in the U.S., India, China and Indonesia. He also said that the company expects to indirectly create 500,000 jobs over the coming decade. Currently it employs 66,000 people. Presenting the saudi Aramco strategy at the press conference, the company said that “by 2020, we intend to be the world leading integrated energy and chemicals company, focused on maximizing value creation across the hydrocarbon chain, facilitating the sustainable expansion of the Kingdom’s economy and enabling a vibrant saudi energy sector.” He also told reporters that demand for saudi Aramco’s oil is increasing and the company was ramping up ...