Saudis refute claims of oil field production declines

Saudi Aramco late last month said it is well-positioned to remain the world's leading oil supplier now and far into the future. Company officials sought to refute claims that Saudi Arabia's oil fields could be declining faster than previously thought and therefore might not be able to meet the world's long-term demand."We have the potential to add more oil than anyone else," said Mahmoud Abdul-Baqi, vice-president, exploration, for the state-owned oil company. "We will continue to deliver for another 70 years at least." Click here to enlarge imageThe company estimates that world oil demand is expected to increase at 1-2%/ year over the next 15 years, reaching 107 million b/d ...

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