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Page added on May 28, 2013

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Saudi Aramco Says 2012 Output Rises to Record 9.51 MMbopd

Production

State-owned Saudi Arabian Oil Co., or Aramco, saw its average crude production rise to 9.506 million barrels a day in 2012, the highest level in more than three decades, up from 9.067 million barrels a year earlier amid output outages in Libya and Western sanctions against Iranian crude.

Recoverable and proven crude-oil and condensate reserves also increased to 260.2 billion barrels in 2012, compared with 259.7 billion barrels in 2011, Saudi Aramco said in an annual review posted on its website. Exports of crude reached 2.521 billion barrels for the year, or about 6.9 million barrels a day, up from 2.421 billion barrels, or 6.63 million barrels a day in 2011.

Saudi Arabia, the world’s largest oil exporter and the kingpin of the Organization of Petroleum Exporting Countries, has played an important role in the last two years as one of the few countries with enough spare production capacity to respond to market changes.

The kingdom’s highest record output was 9.901 million barrels a day in 1980, when it opened the taps to make up for a sharp fall in Iranian output after its 1979 revolution.

Saudi Arabia’s current capacity stands at 12.5 million barrels a day, a level it believes is well beyond current levels demanded and a reliable buffer against any temporary loss of production in the market.

Aramco’s gas production averaged 10.72 billion cubic feet a day in 2012 from 9.88 billion cubic feet a day in 2011, while gas reserves rose to 284.8 trillion standard cubic feet from 282.6 trillion standard cubic feet.

Saudi Aramco is fully owned by the Kingdom of Saudi Arabia. It is one of the largest oil and gas companies in the world with activities in exploration, production, refining, distribution, shipping and marketing.

RIGZONE



8 Comments on "Saudi Aramco Says 2012 Output Rises to Record 9.51 MMbopd"

  1. econ101 on Tue, 28th May 2013 9:50 pm 

    More proof of peak oil. LOL

  2. Plantagenet on Tue, 28th May 2013 9:57 pm 

    As usual, econ 101 doesn’t get it.

    Only when KSA oil production starts to FALL will it be evidence that their oil production has peaked.

  3. Newfie on Tue, 28th May 2013 11:49 pm 

    “The kingdom’s highest record output was 9.901 million barrels a day in 1980”

    “Crude production rose to 9.506 million barrels a day in 2012”

    Still not as high as 33 years ago. Ahem.

  4. BillT on Wed, 29th May 2013 3:14 am 

    And who says they produced that much? RIGZONE? The petroholic propaganda mill.

  5. Norm on Wed, 29th May 2013 8:02 am 

    They filling up the wells with seawater to get the max short term output. Massive quantities. Thats kinda stupid ya think? IF they pumped the well slowly, conservatively, responsibly, guessing you would not pump any water into it at all.

  6. SOS on Wed, 29th May 2013 9:32 pm 

    They may have produced more 33 years ago, that I dont know. That would have put us back in the depths of the Jimmy Carter inspired peak oil crisis of the 1970-1980s. They needed to produce more to statisfy the immediate import needs of the USA. A country that had most of its development stopped because of peak oil politics.

    This production level is simply a sign of unlimited supply. It will appear as needed. Its needed now.

  7. Newfie on Thu, 30th May 2013 1:30 am 

    “This production level is simply a sign of unlimited supply”

    Unlimited. Wow. It must regenerate. From nothing. Wow.

  8. Juan Pueblo on Thu, 30th May 2013 2:21 pm 

    The longer the Saudis maintain this production levels, the more probable that they will never increase again. Capital investment in oil production in KSA increased significantly over the last 5 years, and is higher now than ever before, but production is still below their old record. To me that is proof enough that they are facing limits to oil extraction.

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