Saudi Vows to Guarantee Oil Supplies
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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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Saudi Arabia, the world&#39;s biggest oil exporter, is maintaining spare oil production capacity of about 2 million barrels a day to help avert shortages and control prices, the country&#39;s oil minister said.
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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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Saudi Arabia, the world&#39;s largest oil exporter, may expand production capacity by 30 percent within two years to prevent shortages, the country&#39;s oil minister said.
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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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OPEC vowed Sunday 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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OPEC's top producer Saudi Arabia on Wednesday questioned the need for the cartel to bolster oil prices by cutting supply, saying the kingdom would keep crude output at current high levels as long as customers wanted it.
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Saudi Arabia is urging global oil stocks be increased before the world&#39;s crude oil cartel consider cutting output. Members of the Organization of Petroleum Exporting Countries
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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.
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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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Saudi Arabia sought to regain some control of oil markets Tuesday, promising to make available 800,000 barrels a day of new oil by the end of the month and to keep pumping crude vigorously.
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Saudi authorities reiterate their pledge to crush Islamic militants after an attack on the US consulate in Jeddah.
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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&#39;s oil minister said OPEC should maintain production at its current level, creating a split in the 11-member group as prices weaken.
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ABU DHABI Saudi Arabia, Kuwait and the United Arab Emirates vowed Sunday to go on expanding their production capacity to deflate record oil prices of above $53 a barrel, and Saudi Arabia, the biggest exporter, said it could bring on 1.5 million barrels a
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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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U.S. Energy Secretary Sam Bodman said on Saturday that Saudi Arabia should raise output to ease tightness in world oil supplies and that OPEC should up output at its February 1 meeting.