Saudi Arabia's energy minister: we expect to ramp up the daily oil production capacity by more than one million barrels to exceed 13 million barrels by early 2027
"Most likely it will be 13.2 to 13.4 (million barrels per day, bpd), but that would be (reached) at the end of 2026, beginning 2027," Prince Abdulaziz bin Salman told an energy conference in Bahrain.
Production at that level would be maintained "if the market allows it", he said.
Energy giant Saudi Aramco announced in March 2020 it had been directed by the energy ministry to increase its maximum sustainable capacity from 12 million to 13 million bpd.
No timeline was given then for the new target.
Monday's announcement came one day after Saudi energy giant Aramco posted an 82-percent jump in first quarter profits, buoyed by a global surge in oil prices stemming from the Ukraine war.
Those results helped Aramco dethrone Apple last week as the world's most valuable company by market capitalisation.
They continued a string of positive economic news for Saudi Arabia, which in early May reported that growth in the first quarter had risen 9.6 percent over the same period in 2021.
Saudi Arabia, the world's biggest oil exporter, has resisted US entreaties to raise output in an attempt to rein in prices that have spiked since the Ukraine war broke out on February 24.
As the war got underway, Saudi Arabia and the United Arab Emirates stressed their commitment to the OPEC+ oil alliance, which Riyadh and Moscow lead, underscoring Riyadh's and Abu Dhabi's increasing independence from long-standing ally Washington.
Last year, ahead of the COP26 climate-change summit, Saudi Arabia pledged to achieve net zero carbon emissions by 2060, sparking scepticism from environmental campaign group Greenpeace.
With increasing global urgency to limit global warming, experts warn of the urgent need to reduce fossil fuel use.