2002 News Story

Aramco CEO pledges continuous oil supply from Kingdom

Abdullah bin Saleh Jum'ah, President and CEO of Saudi Aramco, pledged at a recent gathering of businessmen in Manila that the Kingdom is able to guarantee a stable supply of oil to the global market in the event of any crisis. Saudi Arabia, he said, has a proven track record in bringing stability to world markets by releasing extra supplies when needed, citing its prompt response during the Iranian crisis in the late 1970s, the Iran-Iraq conflict of the 1980s and the invasion of Kuwait in 1990. Saudi Aramco's production capacity is 10 million barrels per day, which gives the company the capability of tapping 3 three million bpd above the current actual production rate. He went on to reaffirm the Kingdom's commitment to meet the future needs of oil for the Philippines, particularly in light of the eight-year partnership with Petron Corporation, which is 40 percent owned by Saudi Aramco.