Written by Bloomberg News
Wednesday, 31 March 2010 22:28
Saudi Arabian oil Minister Ali Al- Naimi said the nation could boost output by as much as 4.5 million barrels-a day once demand recovers from recession.
The world’s largest oil producer is “waiting” for usage to rise after increasing capacity to 12 million barrels a day, Al-Naimi told reporters in Cancun, Mexico, where he’s attending an oil conference. Prices in the $70-a-barrel to $80- a-barrel range are “as close to perfect as possible,” he said.
Oil surged last year as the Organization of Petroleum Exporting Countries (Opec) implemented cuts to production quotas of 4.2 million barrels a day and the global economy emerged from its worst slump since World War II.
Opec plans to add 12 million barrels to its daily production capacity by 2015, equal to Saudi Arabia’s capacity. The gains would exceed the expected growth in demand, according to the International Energy Agency.
“Demand is gradually growing right now,” Al-Naimi said.
Crude oil for May delivery was at $82.45 a barrel, up 28 cents, or 0.3 percent, in electronic trading on the New York Mercantile Exchange at 9:57 a.m. Sydney time. Tuesday, the contract rose $2.17, or 2.7 percent, to $82.17, the highest settlement since March 18 and the biggest gain since Feb. 16. Bloomberg News
Source: http://businessmirror.com.ph/index.php?option=com_content&view=article&id=23595:saudis-await-recovery-before-boosting-oil-output&catid=51:world&Itemid=67
Wednesday, 31 March 2010 22:28
Saudi Arabian oil Minister Ali Al- Naimi said the nation could boost output by as much as 4.5 million barrels-a day once demand recovers from recession.
The world’s largest oil producer is “waiting” for usage to rise after increasing capacity to 12 million barrels a day, Al-Naimi told reporters in Cancun, Mexico, where he’s attending an oil conference. Prices in the $70-a-barrel to $80- a-barrel range are “as close to perfect as possible,” he said.
Oil surged last year as the Organization of Petroleum Exporting Countries (Opec) implemented cuts to production quotas of 4.2 million barrels a day and the global economy emerged from its worst slump since World War II.
Opec plans to add 12 million barrels to its daily production capacity by 2015, equal to Saudi Arabia’s capacity. The gains would exceed the expected growth in demand, according to the International Energy Agency.
“Demand is gradually growing right now,” Al-Naimi said.
Crude oil for May delivery was at $82.45 a barrel, up 28 cents, or 0.3 percent, in electronic trading on the New York Mercantile Exchange at 9:57 a.m. Sydney time. Tuesday, the contract rose $2.17, or 2.7 percent, to $82.17, the highest settlement since March 18 and the biggest gain since Feb. 16. Bloomberg News
Source: http://businessmirror.com.ph/index.php?option=com_content&view=article&id=23595:saudis-await-recovery-before-boosting-oil-output&catid=51:world&Itemid=67
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