Production
Saudi Arabia produced 10.3 million barrels per day (1.6×106 m3/d) (Mbbl/d) in 1980, 10.6 Mbbl/d in 2006, and in the region of 9.2 Mbbl/d in 2008. Saudi Arabia maintains the world’s largest crude oil production capacity, estimated to be approx. 11 Mbbl/d at mid-year 2008 and announced plans to increase this capacity to 12.5 Mbbl/d by 2009 Cumulative production up to, and including, the year 2009 was 119.4 billion bbl. Using the stated number of 267 Gbbl, past production amounts to 40% of the stated reserves.
After US President Bush asked the Saudis to raise production on a visit to Saudi Arabia in January 2008, and they declined, Bush questioned whether they had the ability to raise production any more. In the summer of 2008, Saudi Arabia announced an increase in planned production of 500,000 barrels per day. However, there are experts who believe Saudi oil production has already peaked or will do so in the near future.
Read more about this topic: Oil Reserves In Saudi Arabia
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