Saudi Arabia plans to boost its oil exports to 10.6 million barrels per day from May 2020, because the country is burning less oil for power generation and there is also lower domestic consumption, a Saudi energy ministry official said on Monday.
The world’s top oil exporter has already made plans to boost its crude supply and exports sharply after the collapse earlier this month of a 3 year deal between the Organisation of the Petroleum Exporting Countries and other producers, led by Russia.
The rise in crude oil exports will be “starting from May 2020 by about 600,000 barrels per day,” the official said.
The official said: this increase came as a result of displacing crude with natural gas from the Al-Fadhili gas plant as a fuel for generating electricity.
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