Saudi oil reserves could top 461 billion barrels, says minister
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The kingdom&#39;s oil reserves, the world&#39;s largest, could increase by almost 77 per cent to top 461 billion barrels in a few years, the country&#39;s oil minister said Sunday.
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OPEC has agreed to increase its oil output by 500,000 barrels per day from Nov 1, Qatari Oil Minister Abdullah al-Attiyah said on Tuesday, in a gesture to consumer nations' worried by rapidly diminishing fuel stocks and the economic impact of $77 oil.
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Most OPEC oil ministers held the line on Sunday that current output is sufficient to meet demand, but the world's biggest exporter Saudi Arabia was silent ahead of a September 11 meeting to chart production policy.
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OPEC can do nothing about the high price of oil because factors other than crude supply have sent the market to near record levels, Qatar's Energy Minister said on Wednesday.
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Oil futures hit a record high Friday as the government began lending oil from emergency reserves to refineries running low on crude after Hurricane Ivan.
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JEDDAH, 29 September 2004 - With oil prices soaring to record highs, Saudi Arabia announced yesterday it would increase its production capacity to 11 million barrels per day (bpd) within weeks in a bid to curb the prices.
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Crude hovers around $46 a barrel amid demand from most populous country, damage reports from Ivan. LONDON  - Oil prices held above $46 a barrel Tuesday as China showed no letup in its strong demand
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RIYADH, Saudi Arabia, Jan. 15 -- With oil prices hovering around $90 a barrel, President Bush on Tuesday urged oil-rich countries to raise their output, but Saudi Arabia's oil minister said the world's largest producer would do so only "when the market justifies it."
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Oil ministers of Opec countries say they have the capacity to pump more oil after crude prices hit fresh highs last week.
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Saudi Arabia&#39;s oil minister Ali Naimi said Monday that the &quot;fear factor&quot; over supplies has added $10 to $15 a barrel to the price of oil and reiterated that his country is working toward lifting its sustainable oil production capacity.
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SAN FRANCISCO (CBS.MW) -- Saudi Arabia&#39;s oil minister said Sunday that his country has 2 million barrels of extra oil production available, cording to a media report.
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Top world oil exporter Saudi Arabia vowed on Sunday to maintain a cushion of spare supplies of up to 2 million barrels per day (bpd) to meet future demand growth.
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OPEC ministers decided after a meeting to keep the cartel's official output ceiling at 28.0 million barrels of oil per day, Qatari Energy Minister Abdullah bin Hamad al-Attiyah said.
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JEDDAH, 30 November 2004 - Saudi Arabia plans to raise its oil production capacity to 12.5 million barrels per day from the current 11 million bpd over the next few years, Petroleum and Mineral Resources Minister Ali Al-Naimi said yesterday.
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Oil prices hit near record levels amid a number of supply concerns, but failed to go over 50 dollars a barrel after getting some relief as Saudi Arabia promised to increase production.
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VIENNA -- The world has tapped only 18 percent of the total global supply of crude, a leading Saudi oil executive said yesterday, challenging the notion that supplies are petering out.
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LONDON  - Red-hot oil prices during 2004, stoked by a surge in global demand and worries about disruptions to supplies, are not harming world economic growth, Saudi Arabia&#39;s oil minister Ali al-Nuaimi insisted.