Al-Nueimi: No shortage in oil supplies
Saudi Arabia, Economics, 5/18/2005

The Saudi minister of oil Ali al-Nueimi said that the capacity for the crude oil production can be increased in several areas of the world should oil prices remain between $ 30 and 40 for one barrel.

In an energy conference held by the strategic and international studies center in Washington, he added that the countries of the Gulf region and west Asia as well as the Caspian sea, Russia and the Gulf of Mexico will be developed economically should the prices be in the said range ( USD 30- 40). He stressed that there is no oil supplies shortage at the international level.

Al-Nueimi indicated that his country produces 9.65 million barrels daily, noting that this amount will be increasing in the last quarters of the current year.

On the other hand, the chairman of the Saudi Aramco oil company said that the kingdon can increase its production capacity to 23 million barrels daily in response to the world demand.

In a speech before James Baker Institute for International relations at Rice University in Huston, Abdullah Jum'a explained that the American estimates indicate that the Saudi production capacity might be transferred from 11 million barrels daily to more than 23 million barrels at the meantime to meet the international market demands.

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