Saudi Arabia; the world's top oil exporter, plans to boost its crude oil exports to more than 10 million bpd from May. While burning less crude for power generation, the energy ministry said on Tuesday.
"Saudi Arabia to utilize the gas produced by the Fadhili gas plant. So it can compensate for around 250,000 bpd of domestic oil consumption," the ministry said in a statement.
This will increase Saudi crude exports during the coming few months to exceed 10 million bpd," it said.
Saudi Arabia would launch a program to boost production capacity for the first time in more than ten years.
CEO of energy giant Saudi Aramco, Amin Nasser, stated earlier that the company would raise its crude supply to 12.3 million bpd with customers. This is due to receive the additional volume starting April 1.
The Energy Ministry then later directed the company to hike its capacity to 13 million bpd.
Oil fell by more than 40% to less than $30 a barrel since talks between OPEC and non-OPEC producers on March 6 collapsed without a deal to deepen or extend output cuts that had been in effect since January 2017.
