Saudi Arabia will have spare production capacity of 3 mln bpd on Feb 1 - Nuaimi |
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Published
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Wed, 17 Jan 2007 12:15
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NEW DELHI (XFN-ASIA) - Saudi Arabia will have spare production capacity of 3 mln barrels per day on February 1, the country's oil minister Ali al-Nuaimi said.'Spare capacity on February 1 will be three million (barrels per day),' he told reporters here.OPEC has an output cut of 500,000 barrels per day (bpd) set to start February 1 after a reduction of 1.2 mln bpd in November as it tries to hold the line on prices, which have fallen from peak highs of 78 usd in July to around 53 usd.The spare capacity figures for the world's top oil producer and exporter came after Nuaimi said there was no need for an emergency OPEC meeting to discuss a possible output cut since the situation in the crude oil market is 'healthy'.Saudi Arabia pumped around 9 mln bpd during 2006.The Saudi minister was speaking in New Delhi on the sidelines of a gathering of oil ministers from several members of the Organisation of Petroleum Exporting Countries (OPEC), including Iran.afp
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India, Saudi oil ministers to meet for talks aimed at boosting ties 