Saudi Arabia has promised to “substantially increase” the production of oil


As said Tuesday at a meeting with journalists the head of the state oil Corporation Saudi Aramco Amin Nasser, Saudi Arabia, the largest oil exporter, is ready to increase production at certain mines and to strengthen its presence in the global market. In particular, in the field the Puck is in the South-Eastern borders of the Kingdom’s oil production will increase by a third, to 1 million barrels. daily, reports Bloomberg.

According to Nasser, the energy market has many challenges, although the opportunities for growth we still have”.

Starting in 2014, Riyadh chose the tactics of preserving their share in the world oil market by refusing to cut production. In parallel, Saudi Arabia started to reduce its dependence on energy exports.

In the beginning of 2016, it became known that several OPEC countries, including Saudi Arabia and Russia agreed to freeze the level of production at the January level. However, in mid-April, during negotiations over the terms of freezing the final agreement was never reached.

On Saturday, king Salman bin Abdul-Aziz al-Saud issued a decree dismissed the head of the Ministry of petroleum Ali al-Nuaimi, and the Ministry itself was renamed. The Minister of energy, industry and mineral resources was Khaled al-Faleh, who had been Chairman of the Board of Directors of Saudi Aramco. “We remain committed to maintaining our role in the international energy markets and strengthening our position as the most reliable supplier of energy in the world,” said Sunday al-Faleh.