State oil giant Saudi Aramco expects to have 900 billion barrels of oil resources by 2025, up from the current 790 billion barrels. Current recoverable crude oil and condensate reserves stand at around 260.2 billion barrels.
“Demand for hydrocarbons will rise despite things happening with oil prices,” Jamal AlKhonaifer, development director at Saudi Aramco said.
READ ALSO: COVID-19 crashed global oil market, this is how super majors are riding out the storm
He said 395 billion barrels within the 790 billion barrels figure are probable and possible contingent resources.
Aramco’s CEO Khalid al-Falih said in January the company is “targeting to increase average recovery rates from our oil reservoirs by 20 percent which could add 160 billion barrels of additional reserves. That’s more than the current reserves of the United States, Russia, China, the UK and Brazil combined.”
Saudi Arabia has an output capacity of 12.5 million bpd.
