Saudi Arabia will maintain the same level of crude production capacity until 2020 under the National Transformation Program (NTP).
Saudi Arabia will keep output capacity at 12.5 million barrels a day in 2020, according to a draft of the NTP.
The program calls for the country to produce 4% of its power from renewable energy sources in 2020 and cut electricity and water subsidies by SR200 billion ($53 billion).
"They'll either have to cut crude exports or they’ll be pumping closer to full capacity," CEO at consultant Qamar Energy in Dubai, Robin Mills said in a Bloomberg report. Saudi Arabia's production capacity is the biggest in the world, said Mills, a fellow at the Brookings Institution in Doha, Saudi Arabia's online (Arab News) reported.
Saudi Deputy Crown Prince Mohammed bin Salman announced earlier this year a plan to overhaul the nation's economy to make it less dependent on oil revenue amid a plunge in prices due to a global glut.
The plan includes selling shares in Saudi Aramco by the end of 2018 in an initial public offering that could value the company at about $2 trillion.
Saudi Arabia pumped 10.27 million barrels a day of oil in April, data compiled by Bloomberg show.
Output reached a record 10.57 million barrels a day in July, and the country has produced more than 10 million barrels in each of the last 14 months.
Saudi Arabia has the second-biggest crude reserves after Venezuela and more than double the deposits in Russia.