Saudi Aramco To Raise Output, Remain In Korean Market, 10/30/08

Despite OPEC's recent declaration the oil production would be reduced, Saudi Aramco, (Saudi Arabia's nationally owned oil company and the world's largest producer of oil), remains committed to increasing oil production. Saudi Aramco's CEO Abdullah Jumah has stated that the oil company will increase production from 9.4 million barrels/day to 12 million barrels/day by the end of next year. The company also plans to remain a top supplier to the Asian market. The biggest challenge facing Saudi is decreasing global demand for oil. However, Saudi Aramco's Public Relations department manager Emad Al-Dughaither said, "We see long-term growth potential. After 75 years of experience in delivering energy, we know that the cycles exist and we know how we weather the cycles."

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