Awwal 14, 1432, April 18, 2011, SPA -- The Minister of Petroleum and Mineral Resources, Ali bin Ibrahim Al-Naimi has said that the Kingdom of Saudi Arabia's position in the global oil markets is based on its commitment to preserve spare production capacity for maintaining the stability of prices and markets alike, adding that the Kingdom has a clear and consistent policy in moderation in all its decisions concerning the global oil markets. In his speech at the 4th Asian Ministerial Round Table Meeting currently in progress in Kuwait, Al-Naimi has said that the Kingdom of Saudi Arabia has the largest oil reserves of low costs in the world and it is the largest producer and exporter of liquid petroleum, noting that the state of financial and political stability has enabled the Kingdom to reach a production capacity of 12.5 million barrels of oil per day and to maintain it, which provides a spare cover up of about 3.5 million barrels per day over the current production levels, which are adjusted according to the circumstances of the global market. --MORE
