Creating Myths About Oil Production is Easy, Too Easy

On 18th Jan 2007, the news agency the Associated Press issued a story which stated that Saudi Arabia intends to increase its oil production capacity by 40% by 2009. In fact, it intends to do no such thing.

Saudi Arabia is one of only a few countries (all members of OPEC), for much of 2006 reputed to be the only country, that can produce more oil than it actually does. The total amount that it can produce is commonly referred to as its production capacity

Saudi Arabia is currently undertaking various projects that will total about 3 mb/d of new production between 2004 (they started the projects 3 years ago) and 2009. However, this will NOT increase Saudi Arabia