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    Wednesday, October 24, 2007

    Analyst: Saudis can't meet oil productions goals

    WASHINGTON — Saudi Arabia is expected to fall short of its crude oil output targets. A leading analyst said Saudi Aramco, the world's largest state oil company, would fail to meet its production targets. Matthew Simmons, chairman of Simmons & Co International, raised the prospect that Aramco would fail to overcome dwindling reserves in the Saudi kingdom.

    "I'm dubious they can hit their targets,'' Simmons told a Houston conference sponsored by the Association for the Study of Peak Oil & Gas last week. "If they had hit their targets, they would be more forthcoming.''

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    Simmons has argued that Saudi Arabia and other oil producers were withholding data while exaggerating their reserves. Aramco has pledged to increase Saudi oil output from 11.3 million to 12.5 million barrels of oil per day by 2009, Middle East Newsline reported. In Washington, French Finance Minister Christine Lagarde said Saudi Arabia could increase oil output to meet rising demand. Ms. Lagarde met Saudi officials during the annual meetings by the International Monetary Fund and World Bank.

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