Aramco to complete 1 million bpd oil capacity expansion by 2027 -CEO

FILE PHOTO: Saudi Aramco CEO Amin H. Nasser attends the China Development Forum in Beijing, China, March 25, 2019. REUTERS/Thomas Peter/File Photo

LONDON (Reuters) - Saudi Arabia’s national oil company will complete its 1 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.

Nasser said that tighter global natural gas supplies helped boost oil demand by 500,000 bpd as consumer shift from gas to crude.

Aramco, the world’s largest oil exporter, also aims to expand its oil trading business to 8 million bpd over the next 5 years from its current 5.5 million bpd, he added.

Reporting by Ron Bousso and Shadia Nasralla; Editing by Toby Chopra