Saudi Aramco output hit all-time high in 2012

The Saudi Arabian state-owned oil giant saw its oil production increase by 5.13 per cent year-on-year to 3.48bn barrels in 2012, compared with 3.31bn barrels in 2011, according to a report by the Gulf Daily News.

Saudi Aramco’s exports reached 2.5bn barrels last year, up from 2.42bn barrels in 2011, with company officials stating that production was highest in its history.

Gulf states have stepped up crude production to compensate for Iranian exports, which have dropped due to reduced imports from India and China, following diplomatic pressure from the West.