ABU DHABI — Saudi Arabia intends to increase crude oil capacity to
12.5 million barrels by 2009.
Saudi Oil Minister Ali Al Nueimi said the kingdom would continue current
oil production of nine million barrels per day. Al Nueimi said Riyad has not
yet decided to follow calls within OPEC for an oil production cut, which
would be discussed at the cartel's meeting in Isfahan, Iran on March 16.
Al Nuemi said the planned output increase was part of a 20-year plan. He
said Riyad was also capable of further increasing oil output to 15 million
barrels a day.
"Saudi Arabia plans to increase its production capacity to 12.5 million
barrels per day within the next four years," Al Nueimi said. "Saudi Arabia's
production today is at nine million barrels per day and will continue until
a decision is made to increase or decrease production."