OilPrice.com. 13 April 2020. Archived from the original on 16 April 2020. Saudi has never recorded sustained actual oil production of more than 10.5 million bpd for more than a brief period. The recent often-quoted ‘supply highs’ of over 12 million bpd are not ¨C repeat not ¨C actual production but rather production plus the use of oil inventory
How old is Saudi Arabia’s oldest oil processing facility?
It provides around 5% of global oil supplies and stabilizes half of Saudi Arabia¡¯s daily oil production. However, at 70 years old, it is also our oldest oil processing facility. This naturally presented a few challenges on its journey toward becoming more digitalized ¡ª a process essential to maintaining peak performance.
How is digitalization transforming Saudi Arabia’s oil industry?
Abqaiq Plants, the oldest oil processing plant in Saudi Arabia, has harnessed the power of digitalization to enhance its operations; utilizing robotics, artificial intelligence, data analytics, and IIoT.
Why did Saudi Arabia and Russia cut oil production in April 2020?
In early April 2020 and again in June 2020, Saudi Arabia and Russia agreed to oil production cuts. The price of oil became negative on 20 April. Though oil production can be slowed, it can not be stopped completely, and even the lowest possible production level resulted in greater supply than demand.