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Saudi Arabia to invest $20 billion in spare oil production capacity

Published 04/10/2018, 11:12
Updated 04/10/2018, 11:20
© Reuters. FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia

MOSCOW (Reuters) - Saudi Arabia will invest $20 billion (15 billion pounds) in the next few years to maintain and expand its spare oil production capacity, Saudi Energy Minister Khalid al-Falih said on Thursday.

© Reuters. FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia

Saudi Arabia's oil production capacity stands at 12 million barrels per day.

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