Saudi Arabia will boost its oil production by 300,000 barrels per day (bpd) in June for a total output of 9.46 million bpd, Minister of Petroleum and Mineral Resources Ali Al-Naimi said yesterday.
Al-Naimi made the remarks in a joint press conference with Minister of Foreign Affairs Prince Saud Al-Faisal in Riyadh.
The Kingdom made the decision to increase output in response to requests in May from some 50 customers around the world, including the US, he noted, adding that the Kingdom remains ready to meet its customers’ needs for both light and heavy crude.
Al-Naimi pointed out that the Kingdom has allocated $90 billion over four years to increase its oil production to 12.5 million per day by the end of 2009. It is also constructing three refineries that will produce one million bpd for international export.