- Saudi Arabia can meet the oil needs of customers using its spare capacity despite the concerning recent developments in the Persian Gulf, says Aramco chief executive Amin Nasser.
- "If you look at our production, it is hovering around 10M bbl/day so we do have additional spare capacity," Nasser says, adding Aramco had no plans to increase maximum production capacity of 12M bbl/day (bpd), given its current output is well below that level.
- Nasser also says Aramco is in talks to buy a stake in Russia's Arctic LNG-2 project and about buying a stake in India's Reliance Industries.
- Crude oil prices are little changed, with WTI -0.3% to $57.72/bbl and Brent +0.1% to $64.89/bbl.
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