2004 News Story

Minister affirms Kingdom’s oil capacities at OPEC seminar

Minister of Petroleum and Mineral Resources Ali Al-Naimi gave a keynote address today at a seminar in Vienna on ‘Petroleum in an interdependent world’ under the auspices of the Organization of the Petroleum Exporting Countries (OPEC). Speaking on the role of national oil companies, he commented that five of the top ten oil companies worldwide are government owned: Saudi Arabia, Mexico, Venezuela, China and Iran. He went on to give assurances of the ability of the Kingdom, the largest producer and exporter of petroleum, to maintain capacity – and increase it if necessary beyond its current level of 10.5 million barrels a day.

[Full text of Minister Al-Naimi's speech]