Saudis See No Reason to Raise Oil Output Capacity - Wall Street Journal

DHAHRAN, Saudi Arabia—A senior oil executive said Saudi Arabia is unlikely to proceed with plans to raise its oil output capacity to 15 million barrels a day, as expansion plans in other producing countries such as Iraq and Brazil should be enough to satisfy world markets.

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DHAHRAN, Saudi Arabia—A senior oil executive said Saudi Arabia is unlikely to proceed with plans to raise its oil output capacity to 15 million barrels a day, as expansion plans in other producing countries such as Iraq and Brazil should be enough to satisfy world markets. "There is no reason for Saudi Aramco to pursue 15 million barrels [of output capacity]," Saudi Arabian Oil Co. chief executive Khalid Al Falih said in an interview Saturday. Saudi Arabian Oil, better known as Saudi Aramco, is producing about nine million barrels of oil a day, having raised output sharply earlier this year to make up for lost output from Libya. Its current output capacity stands at 12.5 million barrels a day.

Saudis See No Reason to Raise Oil Output Capacity - Wall Street Journal