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Saudis to maintain oil reserves to meet 'growing demand'
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SPECIAL TO WORLD TRIBUNE.COM
Friday, March 24, 2006
ABU DHABI — Saudi Arabia has pledged to maintain at least 1.5
million barrels of oil per day in spare production capacity in an effort to
stabilize prices.
Officials said the kingdom plans to develop and expand oil fields to
ensure excess capacity. Riyad, producing 9.5 million barrels per day, has
been accelerating development of the Haradh oil field, with a current
capacity of 300,000 barrels per day, Middle East Newsline reported.
Oil Minister Prince Ali Al Nueimi said Riyad also plans to develop the
Khurais, Khursaniyah, Nuayim and Shaybah oil fields. The fields were
expected to produce 1.2 million barrels per day in 2009. By then, the
kingdom plans to achieve an output of 12.5 million barrels of oil per day.
"We want global stability," Al Nueimi told reporters on March 22. "Part
of this commitment is to maintain not less than 1.5 million barrels per day
of surplus production capacity to meet growing demand or to cover unexpected
shortfalls in supply."
Copyright © 2006 East West
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