Saudi Arabia could invest $50 billion this year to boost oil capacity

Oil prices leapt 50% last year as demand recovered from the Covid-19 pandemic, and then surged above $100 a barrel to 14-year highs in February after Russia invaded Ukraine, leading Western nations to urge major producers to increase output. Aramco said it would boost its capital expenditure (capex) to $40-50 billion this year, with further … Read more