Saudi Arabia raises oil output
Following the recent developments in the international oil market and the petroleum prices for the West Texas (WTI)
crossing $50, Ali bin Ibrahim Al-Naimi, the Saudi Minister of Petroleum and Mineral Resources, issued Tuesday a statement, saying "Saudi Arabia seeks to stabilize the market and curb the hike of prices that could be detrimental to the growth of global economy, particularly that of the developing countries."
In this respect, he added "in its bid to make available adequate production capacity as soon as possible, Saudi Arabia will use Abu Sa'fah and Qatif fields, which are now on stream, to raise the Kingdom's production capacity to 11 million barrels per day (bpd) by intensifying well drilling in producing fields. Therefore, the Kingdom's surplus productive capacity will be 1.5 million barrels daily."
He noted that the bulk of the new increment in the Kingdom's production will be in the light Arab oil. (menareport.com)
© 2004 Mena Report (www.menareport.com)