Strong non-OPEC supply growth is limiting demand for Saudi crude. The Kingdom sees the 2020 Call on Saudi crude as unlikely to go beyond 9mn b/d, Saudi Oil Minister, Ali Naimi, said on 30 April.
“The need to build the facilities and drill wells to produce 15mn b/d or have the capability for 15mn b/d is not there. We will be lucky to go past 9mn b/d by 2020,” Mr Naimi told attendees at an event held by Washington think tank, the Center For Strategic and International Studies. “Realistically, and based on all projections that I have seen, including ours, there is no call on us to go past 11mn b/d, 11.5mn by 2030 or 2040,” Mr Naimi continued. (CONTINUED - 744 WORDS)