Saudi Aramco may raise rigs in 2016 if oil prices rise

FXStreet (Mumbai) – Reuters reported on Thursday that Saudi Aramco may raise the number of oil and gas rigs to 250 next year if oil prices continue to rise and domestic demand increases.

Saudi’s national energy giant, Aramco, currently runs 212 rigs of both types and the number could rise to 220-250 if the conditions permit – oil price rises.

The news is yet to be officially confirmed by Aramco officials, who declined to comment on the matter. Moreover, the news comes a week before OPEC’s semi-annual meeting, where-in the group is expected to leave its production levels unchanged.

Reuters reported on Thursday that Saudi Aramco may raise the number of oil and gas rigs to 250 next year if oil prices continue to rise and domestic demand increases.

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