Riyadh – Mubasher: Saudi Arabia plans to raise its natural gas production to 23 billion cubic feet per day (Bcf/d) in the next decade, Minister of Energy, Industry, and Mineral Resources Khalid Al-Falih said on Wednesday.
The Organization of the Petroleum Exporting Countries (OPEC) will continue collaboration with non-OPEC nations to rebalance the international oil market, Saudi Gazette reported, citing Al-Falih as saying.
By the end of 2018, The 13-member organisation will trim its production to 1.8 million barrels per day (bpd) as part of its pact with Russia and other non-members in an effort to eliminate the excess global inventories.
“I am confident that our high degree of cooperation and coordination will continue and bring the desired results,” Falih told the industry conference attended by Russian Energy Minister Alexander Novak and OPEC Secretary General Mohammad Barkindo.
Saudi Aramco will produce 100,000 barrels per day (bpd) of crude in March, which is below its February level while exports would be maintained below 7 million bpd, the Saudi Gazette said.
“Saudi Arabia remains focused on working down excess oil inventories,” a ministry spokesman said in a statement.