Oil Minister: Saudi Arabia may boost capacity by 30%
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Saudi Arabia may boost output capacity by 30 percent within two years in order to prevent shortages, the country&#39;s oil minister said.
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KUWAIT CITY - Opec is considering raising its price band to between 28 and 30 dollars a barrel, Qatar&#39;s Energy Minister said in comments published yesterday, ahead of a crucial meeting of the group.
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The world&#39;s reliance on oil and gas is set to increase sharply as global energy demand soars by 60% over the next 25 to 30 years, an influential report predicts.
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LONDON, November 29  - Saudi Arabiaâs Oil Minister, Ali Al-Naimi, reiterated today that his country is taking adequate steps to expand its sustainable oil capacity, while mentioning that supply-related fears have resulted in a $10-$15
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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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NEW YORK, September 15 (New Ratings) - The core Gulf members of the Organization of Petroleum Exporting Countries (OPEC) have reportedly recommended that the cartel&#39;s official output quota be boosted by 4%, or one million barrels per day.
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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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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, 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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OPEC, which pumps more than a third of the world&#39;s oil, is considering raising its oil-output targets at a meeting this week in Vienna, although that wouldn&#39;t necessarily mean more oil production, the Wall Street Journal
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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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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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OPEC will mull raising its oil output quota by up to one million barrels per day at a meeting in a largely symbolic gesture as members are already pumping far above the 26 million ceiling.
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Iraq is planning to spend more than $1 billion in 2005 to boost its oil production capacity by about 15 percent to 3.25 million barrels a day, an Iraqi official said.
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Saudi Arabia, the nation with the largest proven oil reserves and a daily output of 8.4 million barrels, reported having an extra production capacity of 2 million barrels a day, according to the countryâs oil minister Ali al-Naimi.
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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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NEW DELHI: Kuwait&#39;s foreign minister said yesterday that Middle East oil exporters are producing at maximum capacity to stabilise prices that are being driven up by speculators from outside the region.