Saudi Aramco to press ahead with oil output capacity boost

Oil giant Saudi Aramco is moving ahead with plans to boost its oil output capacity by 1 million barrels per day (MMbpd) to 13 MMbpd despite spending cuts this year and next year, its chief executive said.

Aramco’s capital spending plan for 2021 will be “significantly lower than previous guidance”, CEO Amin Nasser also said on an analyst and investor call after the company’s quarterly results.

The previous capital spending guidance was $40 billion to $45 billion. (Reporting by Rania El Gamal and Marwa Rashad Editing by David Goodman )

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