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Page added on May 2, 2011
Saudi Arabia to Pump 9 Million Barrels of Oil in 2011
Saudi Arabia’s oil production may reach 9 million barrels per day on average in 2011 as global demand increases, said an official at National Commercial Bank, Saudi Arabia’s largest bank by assets.
Average prices for Saudi’s crude are expected to reach $95 per barrel, Said A. al-Shaikh, the Jeddah-based lender’s senior vice president and its chief economist, said in a telephone interview today.
Saudi Arabia, the world’s biggest oil exporter, reduced its output by 800,000 barrels per day in March after raising it to over 9 million in February, Oil Minister Ali al-Naimi said last month. The kingdom produced 8,292,100 barrels a day in March and it will probably go a “little higher in April,” he said.
Saudi Arabia pumped 9.02 million barrels of crude a day in February, up 5.9 percent from the previous month, according to official data posted April 17 on the Joint Organization Data Initiative’s website.
Bloomberg
2 Comments on "Saudi Arabia to Pump 9 Million Barrels of Oil in 2011"
James on Mon, 2nd May 2011 7:01 am
Banks are notorious for overstating how natural resources will be produced. They are a bunch of business people who have no clue about anything except how to make money. They aren’t geologists and I seriously doubt that a well trained geologist would overstate the production levels of oil wells. Last I heard, Saudi Arabia overstated their reserves by 40% and their wells are in decline. So, where is the extra oil going to come from?
kiwichick on Mon, 2nd May 2011 10:18 am
waiting, waiting
i’d bet KSA goes to zero exports within 10 years