Saudi Arabia’s Naimi Sees Oil Price Recovery But ‘Challenges’ For Opec

Saudi Arabia has signaled confidence in the oil market saying it expects to continue producing crude oil at around 10mn b/d and sees oil prices improving in the near future.

Oil Minister Ali Naimi says the kingdom has managed to increase its recoverable reserves of both oil and gas in the past year through reserve replacement and technology, and intends to use its energy resources to build an industrial base that will see the kingdom’s GNP rise to $1 trillion before the end of the decade.

RESERVES AT 267BN BLS, 300 TCF

Addressing the Saudi Economic Association in the Saudi capital Riyadh, Mr Naimi said recoverable oil reserves have risen to 267bn barrels and natural gas reserves have hit 300 tcf. The figures cited by Mr Naimi represent a 6.8bn barrel (2.6%) rise in recoverable oil reserves from figures cited in Saudi Aramco’s annual report for 2013, and an 11.6 bcf (4%) increase in recoverable gas reserves. He said new discoveries and upstream technology had helped to boost reserves but he gave no further details. (CONTINUED - 1716 WORDS)