Oil / Commodities - Saudi Aramco will increase spending and issue bonus shares as oil’s surge to more than $100 a barrel bolsters the company’s plan to boost production. Many oil producers have experienced a sharp turnaround from 2020, when the pandemic hammered energy demand and forced them to shelve several projects. Aramco, the world’s biggest energy exporter, forecasts more growth in investment until the middle of the decade. That makes it stand out from many competitors who are cutting back on fossil fuels to reduce carbon emissions. Aramco has said oil and gas consumption will remain strong for decades and that the run up in prices underscores the need for more exploration. The company wants to raise crude production capacity to 13 million barrels a day from 12 million by 2027, a project that will cost billions of dollars. And it is trying to increase gas output by more than 50% by 2030.
Newsletter - March 21, 2022
Newsletter - March 21, 2022
Newsletter - March 21, 2022
Oil / Commodities - Saudi Aramco will increase spending and issue bonus shares as oil’s surge to more than $100 a barrel bolsters the company’s plan to boost production. Many oil producers have experienced a sharp turnaround from 2020, when the pandemic hammered energy demand and forced them to shelve several projects. Aramco, the world’s biggest energy exporter, forecasts more growth in investment until the middle of the decade. That makes it stand out from many competitors who are cutting back on fossil fuels to reduce carbon emissions. Aramco has said oil and gas consumption will remain strong for decades and that the run up in prices underscores the need for more exploration. The company wants to raise crude production capacity to 13 million barrels a day from 12 million by 2027, a project that will cost billions of dollars. And it is trying to increase gas output by more than 50% by 2030.