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Latest Headlines
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Jun 22, 2008 6:50:00 AM MST
Saudi oil minister says Saudi Arabia can increase oil production (Saudi-Oil-Summit)
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JIDDA, Saudi Arabia _ Saudi Arabia´s oil minister says the kingdom is willing to produce more oil if customers need it, but he cited no specific production increase.
The kingdom will pump about 9.7 million barrels a day beginning in July because of recent increases already announced.
But Saudi Oil Minister Ali al-Naimi says it can produce more than 9.7 million a day if customers request it.
The oil minister also says the kingdom can increase its pumping capacity long-term by as much as 2.5 million extra barrels a day.
Al-Naimi was to make the announcements later Sunday in a speech at an oil meeting in Jidda attended by 22 oil companies and delegates from more than 30 countries, including Canada. The Associated Press obtained a copy of the speech in advance.
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