Saudis report more oil reserves than previously estimated

Special to World
Tuesday, June 24, 2003

ABU DHABI Saudi Arabia has reported larger than expected oil reserves.

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 [production]."

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.

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