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Saudi Aramco Says Won’t Raise Oil Output Until 2015

Source: Bloomberg 11/21/2011, Location: Middle East

Saudi Arabian Oil Co., or Saudi Aramco as the state-run company is known, won’t raise crude production capacity until at least after the Manifa field begins pumping, Chief Executive Officer Khalid Al-Falih said. The field is scheduled to begin output in 2015.

New sources of oil elsewhere in the world have lessened the need for Aramco to expand the country’s oil production capacity as rapidly as it had planned previously, Al-Falih said in the capital Riyadh.

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