Saudi Aramco’s expansion of the offshore Marjan and Berri fields will further strengthen its position as the world’s central bank of oil, helping to sustain the formidable spare capacity it can tap into in the event of supply disruptions, writes Nassir Shirkhani.
Marjan and Berri contracts were awarded at a time of rising tension in the Persian Gulf between Iran and the US, and aim to provide Saudi Arabia with additional spare oil production capacity of 550,000 barrels per day, albeit within the context of keeping its overall sustainable capacity steady at 12 million bpd.
