Saudi Arabia’s spare capacity of 4 million bpd can be absorbed into the market when energy demand recovers, the head of Saudi Aramco has said.
Khalid Al Falih, CEO of Aramco, said in a speech at a Cambridge Energy Research Associates conference in Houston: “Oil supply will decline if there is no investment, so that 4 million bpd could be absorbed by demand alone,” Bloomberg reported.
Al Falih added that the country is capable of producing 12.5 million bpd and plans to maintain a spare...More
published:10/03/2010 05:31 GMT
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