Saudi Aramco Hits Record Production Levels

(Bloomberg) — Saudi Arabian Oil Co. production rose to a record 9.51 million barrels a day of oil last year, the company said in its annual review. Reserves stood at 260.2 billion barrels.

Daily output for Saudi Aramco, the world’s biggest state- run producer, rose 4.8 percent from 2011, according to the review posted on Aramco’s website today. The annual total was 3.48 billion barrels. Reserves of crude oil and condensates rose from 259.7 billion barrels the previous year, and deposits of natural gas increased 0.8 percent to 284.8 trillion standard cubic feet.

Aramco, the largest crude exporter, started pumping from Manifa, the world’s fifth-largest oil field, on April 10 of this year, seeking to replace declining output at other fields and maintain the company’s production capacity at 12 million barrels a day. Aramco is exploring more aggressively for natural gas, a fuel used in power plants, to help meet growing domestic demand for electricity and free more crude for export.

Exports of crude were 2.521 billion barrels for the year, or about 6.9 million barrels a day. The kingdom sent 53.2 percent of its crude exports to Asia and 16.5 percent to the U.S., the report showed.

Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, boosted production in 2012 to the highest level in three decades amid supply disruptions from Libya and a European Union embargo on shipments from Iran crude that took effect on July 1.

– Wael Mahdi, Copyright 2013 Bloomberg.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up