RIYADH, Saudi Arabia, Nov. 21 (UPI) -- Saudi Arabia, the world's largest oil producer, intends to increase oil production and capacity by more than 1.2 million barrels a day within three years.
"We have an inventory of fields to develop...all of those are candidates for expansion as well as new (development). But they are still being evaluated," said Khalid al-Falih, senior vice president at state-run oil company Saudi Aramco.
"Our ranking of the portfolio depends on absolute crude prices as well as the differentials between the various grades and of course the cost of development," he said.
Saudi Arabia produces around 11.3 million barrels per day.
Its capacity expansion plans are to keep up with demand as well as for a safety net if supply from other countries falters.
Ali Al Naimi, the Saudi oil minister, said capacity will increase by 2.35 million barrels a day from current capacity, but 36 percent of that will cover attrition of existing capacity.
He said $18 billion of the $70 billion investment in the oil and gas sectors will be dedicated for the capacity project, TradeArabia reports.
