Saudis Vow to Keep Spare Oil Capacity

Top world oil exporter Saudi Arabia will work to keep spare supply capacity of at least 1.5 million barrels per day, but its ability to curb price rises is now limited, Saudi Oil Minister Ali al-Naimi said.

US President George Bush, who will meet Saudi Arabia’s de facto leader Crown Prince Abd Allah on Monday, has said he is seeking a clear answer from the Saudi government about the size of its spare oil production capacity.

Al-Naimi reiterated on Thursday that the kingdom – which controls the bulk of the world’s spare production capacity – aimed to maintain a cushion of 1.5 to 2 million barrels per day.
Aljazeera.net