Saudi Vows to Keep Spare Capacity
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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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Saudi Arabia will seek to create a &quot;pro-business environment&quot; and foster investment opportunities in energy and other sectors, the oil-rich kingdom's investment chief 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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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&#39;s de facto ruler, Crown Prince Abdullah, has vowed the top oil producer would crush al Qaeda militants and called on its citizens to stand united against all threats.
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Saudi Arabia plans to expand its oil output capacity by 14 percent over the next few years to avert shortages as demand rises, the nationâs oil minister said Monday.
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Saudi Arabia Oil Minister Ali Naimi said today he&#39;s not concerned about a sharp further fall in the price of oil, saying prices remain relatively high.
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LONDON (CBS.MW) -- The benchmark New York crude contract was little changed at $49.44 a barrel early Monday after the Saudi Oil Minister Ali Al-Nuaimi said the country will raise production capacity to 12.5 million barrels per day within a few years from
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Saudi Arabia is raising its oil production capacity in an effort to cool the red-hot crude futures market. The world&#39;s largest oil exporter says it will raise capacity from 9.5 million barrels a day to 11 million barrels.
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Saudi Arabia is set to see a budget surplus for 2004, thanks to surging oil prices, Crown Prince Abdullah says.
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In a massive city of steel at the edge of the Red Sea, Saudi Arabia is trying to move beyond oil to become an industrial power.
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JAKARTA OPEC is doing all it can to stabilize the world oil market and will increase spare output capacity by about one million barrels per day in the next few months, the cartel&#39;s president said Monday.
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Leading OPEC producer Saudi Arabia said  on Monday it had made a renewed effort to deflate record high  world oil prices by upping crude output again.
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Saudi Arabia is hoping  that the United Nations will step in to help save the historic  old city of Jeddah, whose unique Red Sea architecture is in  danger of disappearing.
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Top OPEC producer Saudi Arabia on  Wednesday questioned the need for OPEC oil producers to rein in  supply, saying the kingdom would keep crude output at current  high levels as long as customers wanted it.
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Oil group Opec is expected to maintain its output quotas at a meeting on Monday, even as prices have been falling.
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Oil-rich Saudi Arabia will use this year's expected budget surplus to repay some of its public debt, the finance minister said in remarks published.