Saudi Arabia to hike oil exports to 10 mbpd from May, says energy ministry

Saudi Arabia aims to boost its crude oil exports to more than 10 million barrels per day (bpd) from May while burning less crude for power generation, Reuters reported, citing a statement from the Kingdom’s energy ministry.

"Saudi Arabia will utilize the gas produced by the Fadhili gas plant to compensate for around 250,000 bpd of domestic oil consumption," the ministry said.

This will enable the Kingdom to increase its crude exports during the coming few months to exceed 10 million bpd, it further added.

The ministry did not say how much crude Saudi Arabia will export in April, when it has said it plans to raise its oil supply to a record 12.3 million bpd.

Last week, Saudi Aramco announced that it received a directive from the Ministry of Energy to increase its maximum sustainable capacity (MSC) to 13 million bpd from 12 million bpd.

The oil giant will provide the additional 300,000 barrels required by the Ministry of Energy from its stockpiles, its chief executive Amin Al Nasser said, emphasizing that the oil giant owns a huge stockpile.