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 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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&quot;The kingdom has a surplus production of around two million barrels, which can be used when needed,&quot; says Saudi Arabia Oil Minister Ali al-Naimi.
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The government was said to have pledged to provide BAe Systems with $1.6 billion in compensation should Saudi Arabia collapse.
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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 vowed Sunday to do what it can to deflate record high oil prices that have soared above &#36;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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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.
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Saudi Arabia, battling an al Qaeda campaign, vowed on Saturday to fight terrorism to the end but warned at a world anti-terror forum that the war in the world's biggest oil exporter would be bitter and long.
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Saudi Arabia will increase oil production capacity to 11 million barrels per day (bpd) in a bid to curb soaring prices, Oil Minister Ali al-Nuaimi has 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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State-owned giant Saudi Aramco said on  Saturday it remained "on alert at all times" to secure the  world's biggest oilfields, after Osama bin Laden urged  militants to attack Iraqi and Gulf oil facilities.
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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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President Vladimir Putin has pledged that Russia would ensure stable energy supplies to the European Union.
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OPEC said today that it would keep producing oil at current levels, a decision that would seem to set the scene for further declines in oil prices.
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CAIRO, Dec. 8 -- Saudi Arabia's oil minister said Wednesday that he was happy with OPEC's current output, while his Libyan counterpart called for a production cut.
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Saudi Arabia&#39;s oil minister said Wednesday that he was happy with OPEC&#39;s current output, while his Libyan counterpart called for a production cut.
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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.