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Page added on May 28, 2012

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Saudi Aramco 2011 crude output tops 9 million barrels per day


Saudi Aramco’s crude oil output in 2011 rose to 9.1 million barrels per day (bpd) from 7.9 million a year earlier, the state oil firm said in an annual review released on Monday.

“In 2011, the company supported global energy security and petroleum market stability through the continuing reliability of its operations and its investment in significant spare production capacity,” Ali al-Naimi, Aramco’s chairman and the kingdom’s oil minister, said in the review.

“Historically, our spare capacity has been tapped to compensate for production disruptions and declining supply from other major suppliers, and is a cornerstone of the Kingdom’s forward-looking energy policy,” Naimi said.

Exports by Saudi Aramco, the oil company of the world’s largest oil exporter, jumped to 2.42 billion barrels in 2011 from 2.02 billion in 2010, it said, rising to 6.63 million bpd from 5.5 million.

Aramco said gas production averaged 9.9 billion cubic feet per day in 2011 from 9.4 billion in 2010.

Gas reserves rose to 282.6 trillion standard cubic feet (scf) from 279 trillion.

Saudi Arabia holds the world’s fourth largest gas reserves.

Its proven conventional crude oil and condensate reserves, the world’s largest, slipped to 259.7 billion barrels in 2011 from 260.1 billion a year earlier, the review showed.

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2 Comments on "Saudi Aramco 2011 crude output tops 9 million barrels per day"

  1. SOS on Mon, 28th May 2012 3:08 pm 

    Fossil fuel production is really ramping up. North Dakota is the nations second largest oil producer, up from 2000 when they didnt even rank. There is so much natural gas we dont have anyplace to store it. Energy supplies world wide are on the increase with the discoveries of gigantic fields ready for development.

    Why aren’t prices dropping? They are a little bit but taxes, exploitive government policies and overt actions to make things more difficult to produce and distribute (keyston pipeline is a good example) are all negative forces working against the positive forces that are trying to supply us with the energy we need in a cost effective fashion.

  2. Red on Red on Mon, 28th May 2012 3:36 pm 

    I know for a fact that Saudi production is plunging and couldn’t possibly be increasing like they say. It’s bunkum.

    Read the truth from Simmons, Campbell, and the smart people at The Oil Drum. Don’t be fooled by the liars bought and paid for by dirty oil money.

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