The Minister of Petroleum and Mineral Resources Eng. Ali bin Ibrahim Al-Naimi delivered here today a speech in the annual meeting of Association of Graduates of Massachusetts Institute for Technology in which he dealt with the situations in the world oil market and the Kingdom's oil policy. Al-Naimi pointed out that the Kingdom has the largest oil reserve in the world amounting to 261 billion barrels, an equivalent of one-fourth of the world reserves. He added that there is a possibility that the Kingdom increases its volume of needs nearly 200 billion barrels through new discoveries or an increase in oil produced from current fields. This huge reserve entitles the Kingdom to continue as a major oil producer in a period ranging between 70 to 100 years from now on, even with the assumption that the Kingdom raises its producing capacity to 15 million barrels a day which might happen during the next 15 years. --More 2340 Local Time 2040 GMT
