2005 News Story

Oil minister confirms Kingdom’s surplus capacity

Minister of Petroleum and Mineral Resources Ali Al-Naimi, at a press conference on the sidelines of the Counter-Terrorism International Conference currently taking place in Riyadh, confirmed the Kingdom’s desire to stabilize the oil market by providing ample quantities of crude oil and maintaining moderate prices that benefit those countries that produce oil and contribute to the development of the global economy. Saudi Arabia, he said, cooperates not only with the member states of the Organization of Petroleum Exporting Countries (OPEC), but also with oil consuming countries either bilaterally or through the International Energy Forum, whose secretariat is in Riyadh. The Kingdom’s surplus production capacity amounts to about two million barrels per day, available for use if global supplies face a shortage. In order to meet increasing demand, last year Saudi Arabia increased its capacity to 11 million bpd, and plans a further increase to 12.5 million within four years. There is even a possibility of raising this to 15 million bpd if demand requires it.