Saudi Arabia’s national oil company will complete its one million barrel per day (bpd) oil output expansion project by 2027 to bring its total production to 13 million bpd, its CEO said on Monday.
“Our maximum sustained capacity from 12 to 13 million (bpd)... is not going to come to full capacity at 13 million bpd until 2027,” Saudi Aramco CEO Amin Nasser told the Energy Intelligence Forum online conference.
Aramco, the world’s largest oil exporter, also aims to expand its oil trading business to eight million bpd over the next five years from its current 5.5 million bpd, Nasser said.
Global oil demand is “very healthy” he affirmed, noting that it will amount to 99 million bpd by the end of 2021 from 97 million bpd in Q3 2021, with some natural gas customers switching to liquids.
The CEO pointed to the company’s efforts to extract carbon emissions from vehicles, while striving to reduce the impact of internal combustion engines on the environment by providing low-carbon means of transportation.
He referred to the linear carbon economic model in which economies discard raw materials as waste after use, stressing that the circular carbon economic system uses resources again.
“A circular carbon economy is a framework for managing and reducing emissions. It is a closed loop system involving 4Rs: reduce, reuse, recycle, and remove.”
Nasser said the kingdom and Aramco have adopted the circular carbon economy framework as a way to reduce their carbon footprints.
The concept of an economy based on carbon recycling is described as a basic pillar that helps in rebalancing the carbon cycle in the world.