Minister of Petroleum and Mineral Resources Ali Al-Naimi said that Saudi Arabia has planned $70 billion in oil and gas programs, based on market outlook and national priorities. 

“The key considerations guiding our capacity expansion plans include the assessment of market demand for our oil, our national development objectives, the profitability of various available oil development opportunities, and oil field and reservoir factors,” Al-Naimi said in remarks at today’s Third International Organization of Petroleum Exporting Countries (OPEC) seminar in Vienna.

The minister noted that Saudi Arabia’s oil policy aims to secure market balance, which requires maintaining surplus capacity to compensate for any unexpected supply shortages.

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