Saudis to Expand Oil Output Capacity: Saudi...

Saudis to Expand Oil Output Capacity: Saudi Arabia will soon start a multibillion-dollar oil production capacity expansion program aimed at keeping the kingdom the world’s biggest oil exporter in the next century, industry sources said. Saudi Arabian Oil Co., or Saudi Aramco, is expected to award contracts in June for oil field facilities and equipment upgrading that will push its sustainable outut to around 10 million barrels per day in the next 10 years from the current average of 6.5 million to 7 million barrels per day. The cost of the project is estimated to be somewhere between $12 billion and $15 billion.