Saudi Arabia's 12 mbd capacity is solid, sustainable: Aramco CEO

Saudi Aramco's oil production capacity of 12 million barrels per day (mbd) is solid and sustainable in the long term, company CEO Amin Nasser said at the Future Investment Initiative (FII) 2018 in Riyadh on Tuesday.

"We have the 12 mbd of sustained capacity backed by our one of the largest reserves in the world,” he said, adding Aramco has continued to invest in the oil and gas sector even when oil prices were low in 2015.

"We did not rely on increasing depletion rates from our existing fields when oil prices dropped. We continued to invest in potential fields, and we maintained our low depletion rates."

In a recent interview, Saudi Energy Minister Khalid Al-Falih told Russian news agency TASS that Saudi Arabia can fill the supply void created after Iran oil sanctions come into force starting next month.

The Kingdom can raise its production capacity to 12 mbd from the current level of 10.7 mbd in October, if necessary, he said.