Saudi Arabia's state oil company Saudi Arabian Oil Co, or Saudi Aramco, still has 4 million barrels a day of spare crude oil capacity, in addition to its daily production of 12 million barrels, a senior executive from the company told reporters Tuesday.
Saudi Arabia 's state oil company Saudi Arabian Oil Co, or Saudi Aramco, still has 4 million barrels a day of spare crude oil capacity, in addition to its daily production of 12 million barrels, a senior executive from the company told reporters Tuesday.

"We still have 4 million spare capacity--although in the current climate this is very expensive to maintain--but it's a reflection of global responsibility to maintain [a] reliably supplied market at all times," said Dawood Al-Dawood, Aramco vice-president marketing, supply and joint-venture coordinator, on the sidelines of the International Petroleum Week conference lunch in London.

The company will need to spend $120 billion in the next five years to fulfill its expansion plans, he said.

He said he expects to see the company's share of global refining capacity increase from 2.2 billion barrels a day to 3.2 billion barrels a day.

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