Saudi Aramco CEO Amin Nassar said on Sunday it is ready to raise crude oil production to its maximum capacity of 12M bbl/day if asked to do so by the Saudi government.
"We are confident of our ability to ramp up to 12M bbl/day any time there is a need or a call from the government or from the ministry of energy to increase our production," Nasser reportedly said.
The comments came as Aramco ( ARMCO ) reported a 90% surge in Q2 profit to a stronger than expected 181.64B riyals ($48.4B), the state oil company's highest quarterly net profit since it started trading shares on the Saudi stock exchange in 2019.
Aramco ( ARMCO ) said it is on track to expand total production by 1M boe/day by 2027 as average output in Q2 was 13.6M boe/day.
Aramco ( ARMCO ) shares traded at ~40 riyals as the market opened Sunday, valuing the company at $2.4T.
ETFs: ( NYSEARCA: USO ), ( UCO ), ( SCO ), ( BNO ), ( DBO ), ( USL ), ( USOI ), ( NRGU ), ( OILK ), ( OLEM )
WTI crude oil prices jumped 3% last week to more than $92/bbl after a disruption at several offshore Gulf of Mexico platforms .
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Saudi Aramco says ready to ramp up output after fresh quarterly profit record