Speaking to reporters at an oil exhibition in the UAE, Ali said, “We are pumping around 9.5 million bpd now and if our customers want more crude it’s available. There will be no shortage of oil and we are willing to meet demand as it rises.”
“We plan to maintain spare capacity of 1.5 to 2 million barrels a day for the foreseeable future [and] we are ahead of demand, capacity-wise, by 1.5 million barrels per day,” added the Minister, who also called upon the “global consumers” to upgrade their refining capacity to handle the kingdom’s extra sour crude.
