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 is set to see a budget surplus for 2004, thanks to surging oil prices, Crown Prince Abdullah says.
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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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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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Saudi Arabian Oil Minister Ali al-Naimi Wednesday questioned the need for OPEC oil producers to rein in oil supply, saying the cartel&#39;s reference crude price was still above its official target despite steep recent falls.
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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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Saudi Arabia says it is ready to push an extra 1.3 million barrels a day of oil into the market, to help reverse surging prices.
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Saudi Arabia will raise oil production only when the market justifies it, the kingdom's oil minister said Tuesday, in response to President Bush's request that OPEC nations increase output to reduce world oil prices.
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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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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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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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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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CAIRO, EGYPT - OPEC&#39;s top producer, Saudi Arabia, on Wednesday said the cartel&#39;s Friday meeting aims to steady falling oil prices and played down fears among fellow members of a supply surplus.
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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 on Friday prepared to keep oil  supply limits on hold, confident that the world economy can  absorb higher energy costs.
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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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DUBAI  - Al-Qaeda told its fighters to attack oil sites and foreign targets in Saudi Arabia, according to a website statement, as the de facto leader of the oil-rich kingdom vowed to eradicate terrorism which he said was tarnishing the image of Islam