In the light of recent developments in the international oil market and petroleum prices for West Texas (WTI) exceeding $50, Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi today issued the following statement:
“Saudi Arabia is closely monitoring developments in the international petroleum market and seeks to stabilize the market and curb an escalation of prices that could be detrimental to the growth of the global economy, particularly that of developing countries.
In its desire to make available adequate production capacity as soon as possible, Saudi Arabia will use Abu Sa’fah and Qatif fields, which are now on stream, to increase the Kingdom’s production capacity to 11 million barrels per day (bpd) by intensifying drilling in producing fields. Therefore, the Kingdom’s surplus productive capacity will be 1.5 million barrels per day. The bulk of the increment in the Kingdom’s production will be in light Arab oil.
The Kingdom, as we have declared on several occasions, is fully prepared and well equipped to meet the oil requirements of its customers for any additional quantities of oil. The Kingdom is also ready and capable of making up for production shortfall occurring anywhere in the world.”
Source: SPA
