Saudi Aramco discovers several new fields amid falling oil prices

Saudi Aramco recently reported on the discovery of 14 new oil and gas fields which will allow Saudi Arabia to raise its oil production by 8,000 barrels per day (bpd) and increase its gas output by 80 million cubic feet per day. In addition, the state energy giant is also deploying new technologies designed to enhance hydrocarbon production, Oilprice.com notes.

Nevertheless, analysts from the website caution that the current price conditions could notably constrain both the output expansion and the pace of technological progress within the nation’s oil and gas sector. On April 1, Saudi Arabia began to ease its production cuts as part of the OPEC+ agreement. The kingdom plans to add 138,000 bpd to global oilsupply this month. 

Meanwhile, Saudi Aramco unveiled plans to expand its petrochemical complex on the country's west coast.