Oil bonanza boosts Saudi finances
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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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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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JEDDAH, 29 September 2004 - With oil prices soaring to record highs, Saudi Arabia announced yesterday it would increase its production capacity to 11 million barrels per day (bpd) within weeks in a bid to curb the prices.
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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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Oil prices have climbed for a second day after twin car bombs exploded in Saudi Arabia&#39;s capital, Riyadh, and the US Government reported another decline in lean winter heating fuel stocks.
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Global crude oil prices rose on Monday after gunmen stormed a US consulate in Saudi Arabia, arresting a three-day, 13-percent price slide.
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Oil prices rebounded on Tuesday as  fresh violence rocked Iraq ahead of elections later this month  and as Saudi Arabia, OPEC's top producer, said it is making  good on a pledge to cut output.
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RIYADH : Oil-rich Saudi Arabia has earmarked 41 billion riyals (10.9 billion dollars) of its expected budget surplus for development projects but will spend most of it on repaying part of its public debt, Crown Prince Abdullah bin Abdul Aziz said.
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Oil prices surged nearly $2 a barrel Wednesday following two bombings in the capital of Saudi Arabia and after the U.S. government reported that winter fuel supplies shrank last week.
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Oil prices rally, adding almost $1 amid concerns that more crude will need to be refined to boost US petrol reserves.
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Oil prices rebounded on Tuesday as  fresh violence rocked Iraq ahead of elections later this month  and Saudi Arabia, OPEC's top producer, said it is making good  on a pledge to cut output.
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SAUDI minister Ali al-Naimi sought to take some of the heat out of the oil market, by promising that his Kingdom could pump an extra 1.5m barrels a day &#39;immediately&#39; if demand increases.
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Saudi Arabia&#39;s public spending is predicted to increase by 8 billion Saudi riyals ($2.1 billion) a year over the next five years, an economic report by the National Commercial Bank 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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Oil prices rose off three-month lows yesterday, after an attack on the US consulate in Saudi Arabia and reports of an OPEC pledge to raise its minimum price target.
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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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Oil prices climbed above &#36;41 a barrel on Monday after Saudi Arabia cut January crude deliveries to clients in Asia, confirming that the top exporter was adhering to OPEC's agreement last week to curb excess supply.