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 - Copyright Ahmed Jadallah(Reuters)

By Reuters

Published on 04/10/2018 - 12:34•Updated 10/05/2024 - 23:55

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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)

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