ABU DHABI Ñ Saudi Arabia has reported larger than expected oil
The kingdom said its oil reserves will last for at least 20 years longer
than had been thought. Saudi Arabia is the world's largest oil producer with
eight million barrels per day.
"The kingdom's average production and proven oil reserves some 20 years
ago indicated that [oil] will last for 70 years to come," Saudi Oil Minister
Ali Al Naimi said in a statement. "With increasing reserves and after 20
years of continuous production, Aramco has more than 90 years of
The kingdom owns Aramco, or the Arabian American Oil Co., which manages
all oil operations in Saudi Arabia. The company was granted the first oil
concession in Saudi Arabia 70 years ago.