Aramco Aims To Boost Production Capacity To 13 Million Bpd

While the world is still awash with oil that it cannot quickly get rid of during a time of historic demand crumbling, the world’s largest oil company is looking to raise its production capacity by an extra million barrels per day, according to Reuters. Should the market be fearful? Aramco’s CEO Amin Nasser has confirmed that it is moving ahead with its plans to boost its oil production capacity from 12 million barrels per day to 13 million bpd, causing concern in a market that is already reeling under the weight of excess inventory.…