Oil minister says prices will remain high, Saudi not running out of oil

“We are not going to run out of oil in the next five to ten years as peak oil theorists say”

SAUDI ARABIA. Saudi Arabia’s oil minister Ali Al Nuaimi believes that his country would have production capacity of 12.5 million barrels per day (bpd) at the end of 2009, from 11.0 million bpd currently, with spare capacity of 1.5-2.0 million bpd.

In an interview released Sunday, Al Nuaimi also said that Saudi Arabia, which already has the biggest proven oil reserves in the world and exports 10 million bpd, planned to add another 200 billion barrels of oil to its proven reserves figure.


He said this was “to reassure the world that we are not going to run out of oil in the next five to ten years as peak oil theorists say.”

Exploration efforts to find new oilfields that could be exploited in the future will also continue.

“Saudi Arabia is not fully explored,” he said.