Aramco Q2 Production at 13.6mn boe/d

Aramco reported a net profit of $48.39 billion for Q2, up 90% y-o-y.

• Aramco expects "oil demand to continue to grow for the rest of the decade despite downward economic pressures on short-term global forecasts,"
• Saudi Aramco plans to raise its sustainable crude production capacity to 12.3 million b/d by 2025 as the world's largest oil-exporting company accelerates plans to bring additional output to market to meet the needs of global consumers.
• Aramco CEO: “Anytime we’ll be asked to go to our maximum sustained capacity which is currently 12 million b/d, we'll be able to bring it on stream quickly and sustain it.”
• Aramco crude production targets: 12.3mn b/d by 2025, 12.7mn b/d by 2026, 13mn b/d by 2027.
• Aramco CEO: “Global oil demand is robust, particularly from Asia.”
• Company described global spare capacity as “strained” at less than 2mn b/d and “declining fast.”
• Aramco expects a 75,000 b/d increase from the Dammam field, a 300,000 b/d addition from Marjan, 250,000 b/d from Berri and 600,000 b/d from Zuluf. Beyond 2027, Nasser said there should be a 700,000 b/d hike from the Safaniyah field.
• Aramco said it produced 13.6mn b/d of oil equivalent (boe/d) in the second quarter, up from 13mn boe/d in the January-March period. It did not break out crude output.