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Saudi Arabia has sought to reassure global markets by rebuffing recent claims by US experts that it is not an oil superpower and its crude wealth is depleted.
State-owned Saudi Aramco, one of the biggest oil companies in the world, made a detailed presentation to the International Energy Agency (IEA) at a global oil meeting in Paris last week and said it has the ability to hike output by two million barrels a day in just a few days.
Aramco sent its oil reserves chief to Paris to dispel growing world fears triggered by the US allegations and assure the IEA that the Kingdom controls nearly a quarter of the world's recoverable oil reserves and is capable of meeting any future supply gap.
"Saudi Arabia can immediately produce around 10 million bpd for one full year without having to use its rigs to boost capacity," said Amin Naser, who made the presentation to IEA and other western oil officials about Aramco's proven oil reserves.
"Aramco can use some rigs in case we want to continue producing that amount for more than a year. We have the capacity to reach 15 million bpd by carrying out expansion of some fields and we can produce that amount for 50 consecutive years."
Oil analysts said Naser's assertions to the IEA, published in the Saudi press, would help prevent crude prices from spiralling in the long term as markets are banking on Saudi Arabia's mammoth oil resources to fill the growing demand-supply gap.
Although it is believed to possess 25 per cent of the world's oil, Saudi Arabia currently produces only 10 per cent of the global crude supplies of nearly 80 million bpd.
Source: gulfnews
State-owned Saudi Aramco, one of the biggest oil companies in the world, made a detailed presentation to the International Energy Agency (IEA) at a global oil meeting in Paris last week and said it has the ability to hike output by two million barrels a day in just a few days.
Aramco sent its oil reserves chief to Paris to dispel growing world fears triggered by the US allegations and assure the IEA that the Kingdom controls nearly a quarter of the world's recoverable oil reserves and is capable of meeting any future supply gap.
"Saudi Arabia can immediately produce around 10 million bpd for one full year without having to use its rigs to boost capacity," said Amin Naser, who made the presentation to IEA and other western oil officials about Aramco's proven oil reserves.
"Aramco can use some rigs in case we want to continue producing that amount for more than a year. We have the capacity to reach 15 million bpd by carrying out expansion of some fields and we can produce that amount for 50 consecutive years."
Oil analysts said Naser's assertions to the IEA, published in the Saudi press, would help prevent crude prices from spiralling in the long term as markets are banking on Saudi Arabia's mammoth oil resources to fill the growing demand-supply gap.
Although it is believed to possess 25 per cent of the world's oil, Saudi Arabia currently produces only 10 per cent of the global crude supplies of nearly 80 million bpd.
Source: gulfnews
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