Can the Saudis Back the Boast and Increase Crude Oil Production

But since when has reality stopped people from trying impossible things? “Saudi Arabia plans to increase its crude oil production capacity nearly 40 percent by 2009 and double its refining size over the next five years to keep pace with growing global demand, the country’s oil minister said Thursday,” reports today’s International Herald Tribune. Take that, peak oilers!

We’re joking, by the way. We love the peak oilers, both for their exacting science and profound passion. And here’s a question for you: Can the Saudis really increase oil production capacity from the current level of about 10 million barrels to about 14 million barrels by 2009? Do they have the oil to back the boast? There are plenty of sceptics, including certain occupants of the Old Hat Factory, but oil minister Ali Naimi is not one of them. “Additional projects have been identified for implementation after 2009, if warranted by market conditions,” Naimi says.
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