Arabs to spend upto $70b in oil capacity expansion

The UAE, Saudi Arabia and other key Arab oil producers will pump between $60-70 billion into projects in the next few years to add at least six million bpd to their crude output capacity to meet growing global demand, according to a top Arab oil official.

Dr. Abdul Aziz Al Turki, Secretary General of the 10-nation Organisation of Arab Petroleum Exporting Countries, said strong crude prices in 2005 supported such capacity expansion programmes and he expected prices to remain high despite a projected slackening in demand growth in China and India.

MENAFN