Aramco crude production up to 9.506m barrels in 2012 –
Dubai: State-owned Saudi Arabian Oil Co., or Aramco, saw its average crude production rise to 9.506 million barrels a day in 2012, the highest level in more than three decades, up from 9.067 million barrels a year earlier amid output outages in Libya and Western sanctions against Iranian crude.
Recoverable and proven crude-oil and condensate reserves also increased to 260.2 billion barrels in 2012, compared with 259.7 billion barrels in 2011, Saudi Aramco said in an annual review posted on its website. Exports of crude reached 2.521 billion barrels for the year, or about 6.9 million barrels a day, up from 2.421 billion barrels, or 6.63 million barrels a day in 2011.
Saudi Arabia, the world’s largest oil exporter, has played an important role in the last two years as one of the few countries with enough spare production capacity to respond to market changes.
The kingdom’s highest record output was 9.901 million barrels a day in 1980, when it opened the taps to make up for a sharp fall in Iranian output after its 1979 revolution.