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00:00 After four years of Saudi commitment to increase its oil production and increase its oil production
00:07 by 13 million barrels, Saudi Arabia is stopping these plans and is considering increasing
00:14 its production capacity, which was previously estimated at 13 million barrels per day.
00:19 This came after Aramco announced its recommendation from the Saudi government to continue production
00:26 at 12 million barrels, which is a steady level between the two levels, according to the Saudi government.
00:37 Aramco said in its third quarter announcements that its daily production reached 12.8 million barrels
00:45 in the third quarter of 2023.
00:48 We also saw continuous and voluntary reductions in Saudi production to maintain prices.
00:56 In the reduction group for OPEC, Saudi Arabia offered an additional reduction of 1 million barrels per day
01:02 to reach production in December, the actual production in December, to less than 9 million barrels per day.
01:09 As we said, this decision from Saudi Arabia came or was in March of 2023 to increase production
01:16 and there were expectations of more demand from Asia, specifically from China, in order to improve economy.
01:22 This was even confirmed by Saudi Arabia in its third quarter announcements that it is much more
01:27 inclined to increase demand from Asia.
01:29 But this did not happen, in addition to the fact that there is an increase in production
01:35 from countries such as the United States, Brazil and also Angola, even their exit from OPEC
01:41 and its increase in production are factors that reduce or add more pressure on prices
01:47 and thus reduce Saudi Arabia and Aramco from their production plan.
01:52 According to the third quarter announcements, Saudi Arabia spent 11 billion dollars as capital
01:57 spending, including spending on production projects that were aimed at increasing production.
02:03 The increase in oil production in the Marjan and Al-Bari fields by 550,000 barrels per day in 2025.
02:11 Also, the project to develop the Dammam field, which was decided to add 25,000 barrels in 2024
02:18 and 50,000 barrels in 2027.
02:21 Also, the project to increase the production of the Adallou field in 2026 by about 600,000 barrels per day
02:29 in accordance with or among the capital spending that Saudi Arabia has spent on projects to
02:34 be completed by the end of the third quarter of last year.