Saudi Arabia to invest $20 billion in spare oil production capacity
FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo
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MOSCOW (Reuters) – Saudi Arabia will invest $20 billion (15 billion pounds) in the next few years to maintain and expand its spare oil production capacity, Saudi Energy Minister Khalid al-Falih said on Thursday.
Saudi Arabia’s oil production capacity stands at 12 million barrels per day.
(Reporting by Dmitry Zhdannikov and Denis Pinchu; Editing by Emelia Sithole-Matarise)