Saudi Arabia could add another 200 billion barrels to its huge oil reserves

RIYADH (AFP) – Oil giant Saudi Arabia might manage to add 200 billion barrels of crude reserves to its existing 261 billion barrels, which make up a quarter of the world’s total, Oil Minister Ali al-Nuaimi said.
“There is a possibility that the kingdom will increase its reserves by around 200 billion barrels, either through new finds or by increasing what it produces from existing fields,” Nuaimi was quoted as saying by the official SPA news agency.

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Note: Flashback: remember during the 70’s oil embargos those rumors of hundreds of tankers in the New York harbor just waiting on water to offload any monent…
Saudi Arabia could add another 200 billion barrels to its huge oil reserves

RIYADH (AFP) – Oil giant Saudi Arabia might manage to add 200 billion barrels of crude reserves to its existing 261 billion barrels, which make up a quarter of the world’s total, Oil Minister Ali al-Nuaimi said.
“There is a possibility that the kingdom will increase its reserves by around 200 billion barrels, either through new finds or by increasing what it produces from existing fields,” Nuaimi was quoted as saying by the official SPA news agency.
That would be in addition to some 261 billion barrels of reserves that are the world’s largest, he told the annual meeting of graduates of the Saudi branch of the Massachusetts Institute of Technology (MIT) in Riyadh.
“These huge reserves enable the kingdom to remain a major oil producer for between 70 and 100 years, even if it raises its production capacity to 15 million barrels per day (bpd), which may well happen during the next 15 years,” Nuaimi said.
He did not give a timeline for the anticipated increase in Saudi reserves.
Nuaimi said in February that Saudi Arabia, the world’s top crude exporter, planned to hike its oil output capacity to 12.5 million bpd from the current 11 million within four years and has considered the possibility of raising it to 15 million if required.