Saudi Arabia plans to boost gas exports as kingdom faces energy crisis
Saudi Arabia is preparing to increase exports of liquefied natural gas (LNG) and boost its gas exports amid the country’s crippling oil and gas shortage, state news agency SPA reported.
The kingdom has a crude oil export capacity of 8.3 million barrels per day (bpd), down from an average of 16.5 bpd a year ago, and hopes to increase its production by more than 3.5 million bpd in the coming months, the agency said on Monday.
The government hopes to start importing gas from overseas in the next few months, SPA said.
The move comes as Saudi Arabia faces an energy crisis.
It has a surplus of 5.6 million bps of gas and has been relying on imports from the US and Russia for a majority of its oil.
The US-led coalition has been bombing and strafing the kingdom for almost two months in an attempt to drive out the Houthi rebels from their stronghold in the central province of Hodeidah.
The rebels, who have been fighting the Saudi-led campaign since 2015, seized a third of Yemen’s territory.