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Saudi oil capacity to hit 11.8 mbpd in 2007

The world's biggest producer is implementing plans to lift capacity to 11.8 million barrels a day in 2007 from 11 million bpd now, Naimi told reporters ahead of an OPEC meeting. The green light for state oil company Saudi Aramco to bring onstream two new projects shows Riyadh is confident in continued strong world fuel demand growth, despite prices near $50 a barrel for benchmark U.S. crude. The go-ahead will also alleviate concerns among consuming nations about the ability of state oil companies in OPEC nations to meet the rise in world fuel demand led by rapid economic growth in big importing countries like China and India.

Reuters

Posted on Saturday, January 29 @ 10:48:42 PST by admin

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Re: Saudi oil capacity to hit 11.8 mbpd in 2007 (Score: 1)
by BabyPeanut on Saturday, January 29 @ 13:56:06 PST
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"Trust us, we will have more oil."

Re: Saudi oil capacity to hit 11.8 mbpd in 2007 (Score: 1)
by Heineken on Saturday, January 29 @ 19:06:48 PST
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Yes, but how long can they keep it up? The potential growth in demand is literally infinite. Can the same be said of the growth in supply?

Re: Saudi oil capacity to hit 11.8 mbpd in 2007 by Nano on Sunday, January 30 @ 09:57:10 PST

Re: Saudi oil capacity to hit 11.8 mbpd in 2007 (Score: 1)
by Rincewind on Sunday, January 30 @ 18:22:52 PST
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I must say I am not impressed an extra 800,000 barrels per day over two years. It doesn't even cover the approx 2 mbpd decline over that period let alone the expected increase in demand.

So who is going to pony up and cover the shortfall?

Rincewind
Wellington
NZ

Re: Saudi oil capacity to hit 11.8 mbpd in 2007 by 2007 on Monday, January 31 @ 02:44:45 PST

Re: Saudi oil capacity to hit 11.8 mbpd in 2007 (Score: 1)
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