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Saudis budget $70 billion to its share of global oil output
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SPECIAL TO WORLD TRIBUNE.COM
Friday, September 15, 2006
ABU DHABI — Saudi Arabia plans to allocate at least $70 billion to
maintain and develop its energy sector through 2011.
Saudi Oil Minister Ali Al Naimi said the investment was part of the
kingdom's commitment to maintain spare oil output capacity of between 1.5
million and two million barrels per day. Citing an $18 billion investment,
Al Naimi said total Saudi crude output capacity would be increased to 12.5
million barrels per day by 2009, Middle East Newsline reported.
"While the world needs continued improvement in energy efficiency, some
government policies, which artificially curtail demand and create demand
uncertainties irrespective of market signals, will have economic
ramifications that could jeopardize the global energy future," Al Naimi told
an OPEC seminar in Vienna on Sept. 12.
Al Naimi, who predicted that the Middle East would boost its production
share from the current 30 percent to 40 percent of global oil in 2025,
expressed concern over the development of alternative energy, such as
bio-fuels and the marketing of hybrid vehicles. He said the efforts "do
nothing to secure the world's energy future."
Copyright © 2006 East West
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