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Saudi Aramco’s oil spare capacity currently at 3 mln bpd, CEO says

Amin Nasser, President and Chief Executive Officer of Saudi Aramco, said at the Energy Intelligence Forum in London on Tuesday that he expected global oil demand to reach 103 million barrels per day in the second half of 2023.

Saudi Aramco’s spare capacity, meanwhile, now stands at 3 million barrels per day, Nasser said.

The Saudi oil giant can increase production capacity “in a couple of weeks”, if required, he said.

In another announcement at the same event, Nasser said Saudi Aramco was seeking more investments in liquefied natural gas in order to accelerate its plans to become a leading player in the seaborne gas market.

“LNG is important…we’re looking at additional investments that are currently in the pipeline to be one of the leading players in LNG in the market,” Nasser said at the Energy Intelligence Forum.

Last month, the Saudi oil group announced that it would acquire a strategic minority stake in LNG company MidOcean Energy for $500 million. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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