State oil giant Saudi Aramco is expected to pick up an additional 550,000 bpd of oil production capacity from two major oil fields in the fourth quarter, so it would be able to increase production if there’s demand, said a report.
If Aramco does manage to bring that capacity online, it could give Saudi Arabia another half a million barrels of oil per day of spare capacity at a time when the oil market is expected to tighten with Iranian oil barrels coming off the market with the return of the US sanctions in early November, reported Reuters, citing a source.
The capacity of the giant Khurais oil field will be expanded by between 250,000 bpd and 300,000 bpd, to reach 1.5 million bpd, said the report.
Another 300,000 bpd of capacity will come from the Manifa oil field, which has a current capacity of 900,000 bpd, although this field has pumped at a reduced rate in past months because of a pipeline issue that is now said to be resolved, it added.
Source Credit: Trade Arabia