Saudi Have Tossed Aside OPEC Production Cap

Ali Naimi, Saudi Arabia’s oil minister, also said the kingdom had tossed aside its production cap set by the Organization of Petroleum Exporting Countries and is willing to sell its customers every barrel of oil they want, up to its current capacity of 11 million barrels a day. The planned increase in investment, Mr. Naimi said, would boost the kingdom’s oil-pumping capacity to 12.5 million barrels a day by 2009, a target Mr. Naimi had previously disclosed. Saudi Arabia also has said it was studying longer-term plans for capacity increases to about 15 million barrels a day.

Ali Naimi, Saudi Arabia’s oil minister, also said the kingdom had tossed aside its production cap set by the Organization of Petroleum Exporting Countries and is willing to sell its customers every barrel of oil they want, up to its current capacity of 11 million barrels a day. The planned increase in investment, Mr. Naimi said, would boost the kingdom’s oil-pumping capacity to 12.5 million barrels a day by 2009, a target Mr. Naimi had previously disclosed. Saudi Arabia also has said it was studying longer-term plans for capacity increases to about 15 million barrels a day.

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