01 May '13, 1pm

Drumbeat: May 1, 2013

"MIN. AL-NAIMI: I don’t know really what he means by 15 million. He may be thinking about our ability to do that, in other words, not that we’re going to do it but that Saudi Arabia is capable of doing it, building capacity to 15 million. Now, based on what we see as projection and call on Saudi oil, we don’t see anything like that, even 2030 or 2040. So the need to build the facilities and drill wells to produce 15 million or have the capability for 15 million is not there. We will be lucky to go past 9 (million) by 2020. But you can see what’s happening in the oil market. Supplies are coming from everywhere. We – and we are happy for that. It’s coming from all over, the U.S., Iraq, the Caspian area, Brazil, now Africa, so from everywhere. And a lot of liquids are coming besides oil. You know, when you produce a lot of gas, you also produce a lot of NGLs, so that also fee...

Full article: http://www.theoildrum.com/node/9977

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