Saudi Energy Minister Prince Abdulaziz bin Salman announced that the kingdom will gradually increase its oil production over the next three years, aiming to reach 12.3 million barrels per day by 2028.
Speaking at the St. Petersburg International Economic Forum, he emphasized Saudi Arabia’s commitment to generating electricity from renewable energy sources, which will save one million barrels previously used for power generation.
“We have reduced our production capacity. In 2025, we will see a gradual increase, a larger increase in 2026, and further increases in 2027, reaching 12.3 million barrels per day by 2028,” said the minister.
Prince Abdulaziz clarified that OPEC+ has not changed its oil policy to gain a larger market share but continues to prioritize stability.
The alliance retains the option to pause or even reverse some of the production cuts announced last weekend to maintain market equilibrium.
Russian Deputy Prime Minister Dmitry Novak highlighted that OPEC+ can respond swiftly to changes in the oil market, indicating the group’s flexibility and adaptability to market dynamics.
The OPEC+ alliance has agreed to extend the current oil production cut agreement until the end of 2025, aiming to support stability in petroleum markets amidst various instability factors.
According to an OPEC+ statement, the total production level of crude oil for member countries of the OPEC organization and participating non-member countries has been extended to 39.7 million barrels per day from January 1st to December 2025.
A schedule showed that all OPEC countries have been assigned the same production level for 2025 as in 2024, except for the UAE, whose production increased to 3.519 million barrels per day by an additional 300,000 barrels per day.
