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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The Organization of Petroleum Exporting Countries, which supplies a third of the world&#39;s crude oil, can raise production capacity by 1 million barrels a day by year-end, OPEC President Purnomo Yusgiantoro said.
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OPEC was to consider raising its oil output quota by up to 1 million barrels per day at a meeting here yesterday in a largely symbolic gesture, since members are already pumping far above the 26 million ceiling.
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Qatar is seeking tenders to build a oil refinery with a capacity of 250,000 barrels a day, Energy Minister Abdullah bin Hamad al-Attiyah said on Saturday.
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Saudi Arabia, the most powerful member of the Organisation of the Petroleum ExportingCountries, said yesterday thatglobal oil stocks needed to increase before Opec
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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.
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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's oil minister Ali Naimi said his country is working toward lifting its sustainable oil production capacity to 12.5 million barrels a day, and added that the "fear factor" over supply has increased the oil price by &#36;10-&#36;15 a barrel.
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NEW YORK, December 27  - Saudi Arabiaâs oil reserves could increase 77% to 461 million barrels in a few years, since the oil rich country continues to maintain spare capacity of two million barrels per day to help control the global
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Saudi Arabia&#39;s oil minister Ali Naimi said Monday that the &quot;fear factor&quot; over supplies has added $10 to $15 a barrel to the price of oil and reiterated that his country is working toward lifting its sustainable oil production capacity.
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OPEC kingpin Saudi Arabia on Monday hinted the cartel would not raise either its official production rate or the price band at a ministerial meeting, as the oil price had stabilised.
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The Saudi oil minister inaugurated a new production plant on Sunday and renewed the largest oil exporter&#39;s support for stable prices by noting that Saudi Arabia was maintaining about two million barrels in spare output capacity.
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Iraq's average oil output rose again in December, marking a roughly 30 percent increase since the start of 2007, the country's oil ministry said Saturday.
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CAIRO - Saudi Arabian Oil Minister Ali Al Naimi said yesterday that world oil stocks were not building too fast and questioned the need for Opec to act on supply with prices still above the groupâs formal target.
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U.S. Energy Secretary Sam Bodman said on Saturday that Saudi Arabia should raise output to ease tightness in world oil supplies and that OPEC should up output at its February 1 meeting.
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Saudi Arabia, the world&#39;s biggest oil exporter, is maintaining spare oil production capacity of about 2 million barrels a day to help avert shortages and control prices, the country&#39;s oil minister said.
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RIYADH, Saudi Arabia, Dec. 26 -- Saudi Arabia's oil reserves, the world's largest, could increase by almost 77 percent to top 461 billion barrels in a few years, the nation's oil minister said Sunday.