Saudi is set to increase production
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RIYADH: Saudi Arabia will increase oil production capacity to 11 million barrels per day (bpd) within weeks in a bid to curb record prices, Oil Minister Ali Al Nuaimi said yesterday.
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Saudi Arabia says it is ready to push an extra 1.3 million barrels a day of oil into the market, to help reverse surging prices.
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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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Saudi Arabia&#39;s Oil Minister Ali Naimi said the kingdom has raised its capacity to 11 million barrels per day. Kuwait&#39;s Oil Minister Sheikh Ahmad Fahad Al Sabah called on OPEC
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The possibility of a cut in OPEC production grew stronger yesterday after the oil minister of Saudi Arabia indicated he was aware of majority sentiment in favor of a reduction.
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OPEC will increase its official oil production target by one million barrels a day later this year in a move widely viewed as more symbolic than significant, given that the cartel has been exceeding the new output limit all year.
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Crude oil rose as reports of an explosion in Saudi Arabia&#39;s capital, Riyadh, boosted concern about security of oil facilities in the world&#39;s biggest oil exporter.
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The Saudi oil minister inaugurated a new production plant on Sunday and renewed the largest oil exporter&#39;s support for stable prices by noting that Saudi Arabia was maintaining about two million barrels in spare output capacity.
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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.
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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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Top oil exporter Saudi Arabia vowed  Sunday to guarantee world crude supplies and said it would hold  1.5-2.0 million barrels per day of spare production in reserve.
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NEW YORK, December 27  - Saudi Arabiaâs oil reserves could increase 77% to 461 million barrels in a few years, since the oil rich country continues to maintain spare capacity of two million barrels per day to help control the global
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Oil rose above $63 on Thursday after a   report that key OPEC producers, including Saudi Arabia, had   agreed unofficially to cut production to stem falling prices.
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Three Gulf countries -- the United Arab Emirates (UAE), Kuwait and Saudi Arabia -- promised Sunday to increase their oil output capacity to help stabilize world prices, the official WAM news agency reported.
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The production capacity of Alcoa Inc.&#39;s proposed aluminum plant in Trinidad is being expanded by 29 percent, the prime minister said.
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VIENNA: Opec is keeping its foot to the pedal on production in a bid to drag down oil prices but may be reluctant to rubber-stamp extra supplies by lifting official output limits, Saudi Arabia said yesterday.
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Saudi Arabia will raise oil production only when the market justifies it, the kingdom's oil minister said Tuesday, in response to President Bush's request that OPEC nations increase output to reduce world oil prices.