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Saudis to increase oil output by 1.5 million barrels per day
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SPECIAL TO WORLD TRIBUNE.COM
Friday, May 4, 2007
ABU DHABI — Saudi Arabia has set an oil production target of 12.5
million barrels per day by 2009.
Saudi Oil Minister Ali Al Naimi said the kingdom would follow the trend
of other oil producing majors in increasing output and spare capacity. Al
Naimi said the immediate target was to increase oil production from the
current 11 million to 12.5 million barrels per day by 2009, Middle East Newsline reported.
"That will give us a spare production capacity of one-and-a-half to two
million barrels per day," Al Naimi told a briefing in Riyad on May 2.
In a meeting with 17 Asian consumers, Al Naimi said Riyad did not plan
to produce in excess of 12.5 million barrels of oil per day. He said the
kingdom would gauge the response of the oil market after it reached the
forthcoming goal.
Copyright © 2007 East West
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