Saudi Aramco to go ahead with plans to boost oil output capacity, says CEO

The oil company will boost outpur capacity by 1 million barrels per day (bpd) to 13 million bpd despite spending cuts this year and next year

Oil giant Saudi Aramco is moving ahead with plans to boost its oil output capacity by 1 million barrels per day (bpd) to 13 million bpd despite spending cuts this year and next year, its chief executive said on Monday.

Aramco's capital spending plan for 2021 will be "significantly lower than previous guidance", CEO Amin Nasser also said on an analyst and investor call after the company's quarterly results.

The previous capital spending guidance was $40 billion to $45 billion.