2020-03-19 12:20:00
SAUDI ARAMCO SUPPLIES 12 MBD
PLATTS - 18 Mar 2020 - Saudi Arabia's Ministry of Energy has instructed Aramco to continue to supply 12.3 million b/d of crude to the market "during the coming months," according to an announcement on the official SPA news agency.
This is an expansion on its directive earlier this month for the company to supply 12.3 million b/d of crude to the market in April, once its OPEC production quota expires -- some 25% above current levels, as the kingdom shows no signs of backing down in its price war with Russia.
Aramco can pump crude at its maximum 12 million b/d capacity for a year without any new investment, its CEO said earlier this week. The remaining 300,000 b/d will be drawn from the company's vast global storage network.
Since the three-year OPEC+ production cut agreement collapsed on March 6, Saudi Aramco has slashed its selling prices for crude exports and announced plans for a surge in production. The moves have contributed to a massive rout in crude prices, with the market already weakened by the impact on demand of the coronavirus outbreak.
Aramco, which has exclusive rights to produce all the crude within Saudi Arabia's borders, has never reported monthly production higher than the 11.09 million b/d it achieved in November 2018, and its ability to achieve its full capacity is untested.
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Earlier:
2020, March, 18, 12:10:00
SAUDI ARABIA'S OIL 12 MBD
"Saudi Aramco can sustain low oil prices for a long time," Aramco CEO Amin Nasser said on an earnings call. "We are very comfortable with a $30/b price [and] can meet our dividend and shareholder expectations at $30/b and even lower."
2020, March, 12, 12:45:00
ARAMCO WILL INCREASE TO 13 MBD
Saudi Aramco received a directive from the Ministry of Energy to increase its maximum sustainable capacity (MSC) from 12 million barrels per day (MMBD) to 13 MMBD.
2020, March, 11, 12:10:00
ARAMCO WILL PROVIDE 12.3 MBD
Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day (MMBD) of crude oil in April
2020, March, 10, 13:30:00
SAUDI ARABIA'S OIL PRODUCTION GROWTH
Saudi Arabia has said it could raise production to 12 million barrels per day,
2020, March, 10, 13:25:00
ARAMCO'S IPO PROBLEMS
On Monday, Aramco shares opened trading at Riyals 27 ($7.19) before rising modestly to close at Riyals 28.35. That is 11.4% below its IPO price, prompting the company's valuation to slide to about $1.5 trillion from $1.7 trillion in December, in the wake of Friday's failure by OPEC and Russia to reach a deal on oil production cuts.
2020, March, 9, 14:55:00
SAUDI'S OIL PRICES DOWN
A Saudi industry source said the world's biggest oil exporter is merely responding to Novak's comments that as of April 1, countries are no longer bound by their quotas. The current OPEC+ agreement to cut 1.7 million b/d winds up at the end of March.
