Saudi Aramco Restarts Projects To Boost Oil Production Capacity

The world’s largest oil company and biggest oil exporter, Saudi Aramco, has resumed tendering and development work on major offshore oil expansion projects that would give Saudi Arabia another 1.15 million barrels per day (bpd) of production capacity by 2024, Argus reported on Friday, citing a contractor with knowledge of one of the projects. After the oil price and demand collapse last year, to which Saudi Arabia itself contributed by breaking up the OPEC+ pact for a month, Aramco idled offshore rigs and postponed the start of the expansion…