2004 News Story

Oil minister confirms Kingdom’s readiness to meet demand

Minister of Petroleum and Mineral Resources Ali Al-Naimi, in Abu Dhabi for a conference, confirmed yesterday that Saudi Arabia is ready to meet rising demand for crude and help ease the surge in world prices, saying: "My message to the world: there is no shortage, there will be no shortage, and we are willing to meet demand as it rises.”  The Kingdom is currently producing 9.5 million barrels per day, and is maintaining a spare capacity of between 1.5 to 2.00 million bpd.