Saudi Arabia will invest $20 bln to boost spare oil capacity: Al-Falih

04/10/2018 Argaam

 

Saudi Arabia will invest $20 billion in the next few years to maintain and expand its spare oil production capacity, Reuters reported on Thursday, citing Energy Minister Khalid Al-Falih.

 

The Kingdom's oil production capacity stands at 12 million barrels per day.

 

Al-Falih said Wednesday that Saudi Arabia had raised oil production to a near-record level of 10.7 million barrels per day in October to meet rising crude demand.

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