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Page added on October 9, 2011
Saudis See No Reason to Raise Oil Output Capacity
Saudi Arabia—A senior oil executive said Saudi Arabia is unlikely to proceed with plans to raise its oil output capacity to 15 million barrels a day, as expansion plans in other producing countries such as Iraq and Brazil should be enough to satisfy world markets.
“There is no reason for Saudi Aramco to pursue 15 million barrels [of output capacity],” Saudi Arabian Oil Co. chief executive Khalid Al Falih said in an interview Saturday.
“It is difficult to see [an increase in capacity] because there are too many variables happening,” he said. “You’ve got too many announcements about massive …
One Comment on "Saudis See No Reason to Raise Oil Output Capacity"
BillT on Mon, 10th Oct 2011 4:49 am
Not a surprise. They know that their resources are dwindling and don’t want to be in the position of the US in a few years where they need oil and cannot produce enough. Their domestic use is growing at 7% per year or more. That means in less than 10 years, they will be using all of their production and not exporting any. What does that say for our future?