Saudi Arabia to Boost Oil Output to Offset Hurricane Losses
Posted on: Monday, 29 August 2005, 18:00 CDT
Excerpt from report by Saudi news agency SPA
[Passage omitted: Minister expressing concern about situation in Gulf of Mexico]
Commenting on the extent of the impact of Hurricane Katrina on the supply of crude oil to the international oil market, His Excellency [Minister of Oil and Mineral Resources Ali Bin-Ibrahim al- Nu'aymi] said "The Kingdom of Saudi Arabia is ready to increase its production to compensate for any lack of crude oil supplies" on the international oil market. The current production of the kingdom stands at 11 million barrels a day.
His excellency the minister of oil and mineral resources finished his statement by saying "the kingdom's plan to increase its production capacity to reach 12.5 million barrels a day is currently being implemented. This will allow the kingdom to continue" its vital role of supplying oil to the international market.
Source: BBC Monitoring Newsfile
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