PHOTO
This picture taken on December 11, 2019, shows a view of a refinery at the Jubail Industrial City, about 95 kilometres north of Dammam in Saudi Arabia's eastern province overlooking the Gulf. (Photo by GIUSEPPE CACACE / AFP)
Crude oil production costs in Saudi Arabia increased by around 11 percent in 2024 but they remained among the world’s lowest costs.
Saudi Aramco’s figures published by the Saudi daily Aliqtisadia on Wednesday showed production and exploration costs averaged around $3.53 in 2024 per barrel compared with nearly $3.19 in 2023.
Costs last year were the highest since 2018, when they stood at around $3.05 per barrel, the paper said, citing a recent report by Saudi Aramco, the world’s largest oil company.
The report showed capital expenditure by Saudi Aramco on oil and gas exploration and production averaged nearly $8.3 per barrel equivalent last year.
“Saudi Aramco noted in a recent report that production costs in Saudi Arabia remain among the lowest in the world,” the paper said.
Saudi Aramco controls the world’s second largest proven oil deposits of around 255 billion barrels and produces more than 9 million barrels per day (bpd), far below its sustainable output capacity of nearly 12 million bpd.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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