Saudis May Not Need to Raise Oil Capacity After 2009

Saudi Arabia, holder of the world’s largest oil reserves, may not need to increase its oil-production capacity after 2009, the country’s oil minister said, because conservation and alternative energy sources could curb the consumption of oil.

Saudi Arabia can pump 10.8 million barrels a day now, according to Bloomberg estimates. It produced 8.5 million barrels a day in March and could have pumped 2.3 million more barrels a day. That spare capacity typically would be used to fill gaps in supply caused by disruptions in oil-producing regions.

bloomberg