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. (CONTINUED - 1716 WORDS)