Saudi Arabia May Boost Capacity 30%, Oil Minister Al-Naimi Says
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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, Jan. 15 -- With oil prices hovering around $90 a barrel, President Bush on Tuesday urged oil-rich countries to raise their output, but Saudi Arabia's oil minister said the world's largest producer would do so only "when the market justifies it."
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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 Ali Naimi said the kingdom has raised its capacity to 11 million barrels per day. Kuwait&#39;s Oil Minister Sheikh Ahmad Fahad Al Sabah called on OPEC
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Revenues should grow by 30%, according to the president of the country's association of software and service firms
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THE UAE and Kuwait plan to increase oil production capacity by nearly 3,00,000 bpd and 2,00,000 bpd respectively in the short term in a bid to stabilise the market, which has been rocked by high oil prices touching $53 per barrel prior to the week end.
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VIENNA : Limited spare capacity means that the ability of oil producers to meet the sharpest rise in demand since the 1970s is likely to be severely tested, according to experts attending an OPEC-sponsored seminar in Vienna.
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Currently, the UAE is &quot;producing almost our full capacity&quot; of 2.5 million bpd, Oil Minister Obeid bin Saif al-Nassiri said, commenting on measures to ease the surge in world oil prices.
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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, the worldâs largest oil exporter, will raise production from 9.5 million barrels a day to 11 million barrels. An Oil Ministry official said the increase would go into effect within weeks.
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The possibility of a cut in OPEC production grew stronger yesterday after the oil minister of Saudi Arabia indicated he was aware of majority sentiment in favor of a reduction.
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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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Top world oil exporter Saudi Arabia vowed on Sunday to maintain a cushion of spare supplies of up to 2 million barrels per day (bpd) to meet future demand growth.
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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 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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Three Gulf countries -- the United Arab Emirates (UAE), Kuwait and Saudi Arabia -- promised Sunday to increase their oil output capacity to help stabilize world prices, the official WAM news agency reported.
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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.