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Global Oil Capacity Depleting by 6m b/d per year: Aramco

OIL

The global oil market is losing around 6m b/d of production capacity every year due to depleted reserves, according to Saudi Aramco CFO Ziad Al-Murshed

  • “Natural decline is around 6%, over 103m b/d that is over 6m b/d of capacity that is lost every year that has to be replaced. That is a Saudi Arabia every two years. You have to ask where this is coming from,” Saudi Aramco CFO Ziad Al-Murshed said.
  • He also cautioned that the global oil market is dependent on very little spare capacity. Spare production capacity is down to around 3% of global demand, he added.

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