Saudi Arabia, the world’s top oil exporter, plans to boost its crude oil exports to more than 10 million barrels per day from May while burning less crude for power generation, the energy ministry said on Tuesday.
“Saudi Arabia will utilize the gas produced by the Fadhili gas plant to compensate for around 250,000 barrels per day (bpd) of domestic oil consumption,” the ministry said in a statement.
"This will enable the kingdom to increase its crude exports during the coming few months to exceed 10 million bpd,” it said.
Saudi Arabia said last week it 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 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 has fallen 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.
