Saudis vow to guarantee oil supplies
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ABU DHABI - Opec vowed yesterday to do what it can to deflate record high oil prices that have soared above $53 a barrel, and top exporter Saudi Arabia promised to keep the world supplied with as much oil as it needs.
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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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Saudi Oil Minister Ali al-Naimi said in Abu Dhabi yesterday that his country was ready to meet rising demand for crude oil to ease the surge in world prices.
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RIYADH, Saudi Arabia, Dec. 26 -- Saudi Arabia's oil reserves, the world's largest, could increase by almost 77 percent to top 461 billion barrels in a few years, the nation's oil minister said Sunday.
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Top oil exporter Saudi Arabia vowed on Sunday to maintain spare oil production capacity of 1.5 to 2 million barrels per day and said it was prepared to hike output to meet customer demand.
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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's oil minister Ali al-Nuaimi insisted.
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Saudi Arabia, the world's biggest oil exporter and a key U.S. ally, said on Wednesday the kingdom does not see any obstacle to cooperating with Russia on developing a nuclear energy program.
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Saudi Arabia said Sunday it is seeking stable oil prices in the international market for the sake of consumers and producers. Saudi Oil Minister Ali al-Nuaimi said during
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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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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 on Tuesday.
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Saudi Arabia's oil minister Ali Naimi said his country is working toward lifting its sustainable oil production capacity to 12.5 million barrels a day, and added that the "fear factor" over supply has increased the oil price by &#36;10-&#36;15 a barrel.
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Saudi Arabia, the world&#39;s largest oil exporter, is to raise production from 9.5 million barrels a day to 11 million barrels in an attempt to rein in prices that have topped US$50 a barrel.
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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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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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Oil prices held firm Friday after pipeline sabotage in northern Iraq kept up supply fears that have revived a powerful price rally.
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Saudi Arabian Foreign Minister Prince  Saud al-Faisal said on Wednesday the kingdom does not see any  obstacle to cooperating with Russia on developing a nuclear  energy program.
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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