KSA to maintain crude production capacity

Updated 09 June 2016
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KSA to maintain crude production capacity

RIYADH: Saudi Arabia will maintain the same level of crude production capacity until 2020 under the National Transformation Program (NTP).
Saudi Arabia will keep output capacity at 12.5 million barrels a day in 2020, according to a draft of the NTP.
The program calls for the country to produce 4 percent of its power from renewable energy sources in 2020 and cut electricity and water subsidies by SR200 billion ($53 billion).
“They’ll either have to cut crude exports or they’ll be pumping closer to full capacity,” Robin Mills, CEO at consultant Qamar Energy in Dubai, said in a Bloomberg report. Saudi Arabia’s production capacity is the biggest in the world, said Mills, a fellow at the Brookings Institution in Doha.
Deputy Crown Prince Mohammed bin Salman announced earlier this year a plan to overhaul the nation’s economy to make it less dependent on oil revenue amid a plunge in prices due to a global glut.
The plan includes selling shares in Saudi Aramco by the end of 2018 in an initial public offering that could value the company at about $2 trillion.
Saudi Arabia pumped 10.27 million barrels a day of oil in April, data compiled by Bloomberg show.
Output reached a record 10.57 million barrels a day in July, and the country has produced more than 10 million barrels in each of the last 14 months.
Saudi Arabia has the second-biggest crude reserves after Venezuela and more than double the deposits in Russia,


Renault boss Carlos Ghosn has resigned: French economy minister

Updated 21 min 33 sec ago
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Renault boss Carlos Ghosn has resigned: French economy minister

  • French economy minister says a senior director at Renault received Ghosn’s letter of resignation

DAVOS: Renault boss Carlos Ghosn has handed in his resignation, France’s economy minister said Thursday ahead of a board meeting at which the French car maker is to appoint his successor.
A senior director of the firm “received last night the letter of resignation from Carlos Ghosn,” who remains detained in Japan, Bruno Le Maire told AFP.