Saudi Arabia to Keep Spare Oil Capacity at 2 Mln Barrels a Day

Saudi Arabia, the world’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’s oil minister said.

“The kingdom has a surplus production of around 2 million barrels, which can be used when needed,” Oil Minister Ali al- Naimi said today at an official opening of the Qatif oil field in the east of Saudi Arabia.

http://www.bloomberg.com/apps/news?pid=10000087&sid=axJqGCVWTpwY&refer=top_world_news