Saudi Arabia intends to increase crude oil capacity to 12.5 million barrels by 2009. Saudi Oil Minister Ali Al Nueimi said the kingdom would continue current oil production of nine million barrels per day. Al Nueimi said Riyad has not yet decided to follow calls within OPEC for an oil production cut, which would be discussed at the cartel's meeting in Isfahan, Iran on March 16. Al Nuemi said the planned output increase was part of a 20-year plan. He said Riyad was also capable of further increasing oil output to 15 million barrels a day. "Saudi Arabia plans to increase its production capacity to 12.5 million barrels per day within the next four years," Al Nueimi said. |