Saudi Aramco chief optimistic on oil supply

Saudi Arabia and Saudi Aramco can tap massive reserves to increase oil production to help meet growing worldwide demand, said Abdallah S. Jum’ah, Saudi Aramco president and chief executive officer.In a May 16 address at Rice University’s James Baker III Institute, Jum’ah cited the US Energy Information Administration’s projection that US oil demand will grow from 20.6 million b/d to nearly 28 million b/d by 2025 and noted that US production is expected to drop by almost 1 million b/d during that period.EIA forecast that Saudi capacity will need to grow from its current 11 million b/d to over 23 million b/d to meet world demand.Jum’ah said it’s difficult...

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