2000 News Story

Oil minister addresses World Affairs Council in L.A., California

Addressing the Los Angeles World Affairs Council in California yesterday, Minister of Petroleum and Mineral Resources Ali Bin Ibrahim Al-Naimi attested to two significant facts pertaining to the future of the oil market: one, that there is an abundance in the supply of oil; and two, that in the reality of the international oil market, producers and consumers are more connected than they realize. He also stated that the world has consumed some 600 billion barrels of petroleum in the past twenty-five years, an amount greater than the early-1970s figure for estimated reserves. Current figures, he said, indicate reserves that can satisfy the world's need for the next 80 years, even at current rates of consumption.

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