Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Kingdom can cover any oil shortages
Published in The Saudi Gazette on 31 - 01 - 2012

Saudi Arabia can meet any future world oil shortages thanks to massive investment, and its rising gas output will mean crude exports will not be affected by booming domestic energy demand, Oil Minister Ali Al-Naimi said Monday.
Growing tension between Iran and the West has led to fears of a disruption in oil supplies from the Middle East.
The United States and European Union have raised pressure on Iran with sanctions and a ban on Iranian oil, while Tehran has said it may cut off supplies to some unspecified countries.
Saudi Arabia is best placed to make up for any shortfall in oil supply.
"I would like to state for the record, here in London, that the Kingdom will continue to be a reliable, steady and dependable supplier of energy to the world," Naimi told an oil conference.
Naimi said the Kingdom would be able to meet any future oil market shortages because of its high levels of investment to maintain oil production capacity.
"It is because of our ongoing investment that Saudi Arabia is able to respond to shortages around the world - take issues with Libyan production last year for example," Naimi said.
"And it's because of our investment that any future shortages will be handled."
He dismissed concerns that demand from within Saudi Arabia would limit the amount of oil available for export.
"Saudi Arabia's domestic growth will not impact on exports now or in the future - of this I am very confident," he said.
"Warnings last year about what would happen to Saudi oil exports if current levels of domestic usage were left unchecked were taken as fact," Naimi said, "but we are not leaving domestic energy consumption unchecked."
Naimi said earlier this month Saudi Arabia could increase oil output by about 2 million bpd "almost immediately" from its current levels just under 10 million bpd. He said the Kingdom could add a further 700,000 bpd, with about 90 days to reach full capacity of 12.5 million bpd.
"In 2009 the Kingdom completed a massive program to increase oil production capacity," Naimi said. "This investment and effort is aimed at retaining our position as number one supplier of oil to the world, and the investment continues."
He said the Kingdom would rely more heavily on gas for rising domestic energy demand.
Saudi Arabian gas production rose to 10.7 billion cubic feet per day (bcf) in 2011 from just 1.65 bcf in 1981 and aimed to reach overall capacity 16 bcf per day by 2020. He said the Kingdom had proven gas reserves of 286 trillion cubic feet, the fourth largest in the world.
"Saudi Arabia is going through a period of rapid and extraordinary economic growth," Naimi said.
"It has a young and fast growing population and a GDP growth rate currently around 7 percent. Industrialization is increasing and we are witnessing an unprecedented expansion in the country's infrastructure - so it is true that the Kingdom's domestic energy demands are rising to keep pace." Saudi Arabia is developing four major gas fields and has identified potential reserves of unconventional, or shale, gas.
"It is not supply that will be a problem in the near future, it is demand," Naimi said. He said Europe faced "a difficult time" and it was clear its economic readjustment would result in falling demand for goods and services. This, in turn, would impact on oil demand and imports.
"But the world does not begin and end in Europe," Naimi said. "Going forward, I see the potential for real prosperity and growth throughout the Middle East, in Asia, South America and Africa."
New York's main contract, West Texas Intermediate crude for delivery in March, shed 40 cents to $99.16 a barrel. Brent North Sea crude for March dropped 47 cents to $110.99 Monday.


Clic here to read the story from its source.