2004 News Story

Kingdom once again raises oil production capacity

Minister of Petroleum and Minerals Ali Al-Naimi issued a statement today that Saudi Arabia will raise its oil production capacity to 11 million barrels per day (bpd), a rise of 1.5 million bpd, by intensifying well drilling in the now-producing fields of Abu Sa'fah and Qatif. The bulk of this is light Arab crude. He reaffirmed that Saudi Arabia is fully prepared and well equipped to meet the requirements of its customers for any additional quantities of oil, and ready and capable of making up for production shortfalls occurring anywhere in the world. The Kingdom, he said, closely monitors developments in the international petroleum market, such as the fact that West Texas crossed the $50 mark, and as always seeks to curb any escalation of prices that could be detrimental to the growth of the global economy and that of developing countries.