Top oil exporter Saudi Arabia needs to pump at least 9 million barrels per day (bpd) of crude for the next few years and is considering boosting capacity to meet rising demand, Petroleum Intelligence Weekly (PIW) said in a report citing Saudi sources this week.
Saudi Oil Minister Ali al-Naimi said on Sunday the kingdom's April oil output may rise from March, when it pumped 8.292 million bpd. Output was above 9 million bpd as recently as February, when the kingdom produced 9.125 million bpd to plug the gap left by Libya, where civil war cut exports.
Libyan output disruption, the threat of more supply cuts stemming from political tumult across the Middle East and North Africa, and strong growth in fuel demand helped push oil prices to 2.5-year highs this year. Brent crude rose to $127.02 a barrel earlier this month, the highest since August 2008, while U.S. crude rose to $113.46.
It sounds to me more like the House of Saud sees an opportunity for enormous profits.