WPC: Saudi oil office says oil resources plentiful

Availability of crude oil is not a problem, but deliverability is, Saudi Arabian Minister of Petroleum and Mineral Resources Ali I. Al-Naimi told the World Petroleum Congress (WPC), held at the end of September in Johannesburg. Click here to enlarge imageAl-Naimi said inadequate infrastructure puts pressure on prices and poses stiff constraints along the supply chain-in development, production, transportation, refining, and delivery.He said upstream prospects are promising, especially in Saudi Arabia, where the government expects to increase production capacity to 12.5 million b/d by 2009 and continue maintaining a spare-capacity buffer of 1.5-2 million b/d. Saudi Arabia could boost prod...

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