24 Jan 2011
(MENAFN) Ali Al Naimi, Saudi Arabia’s Oil Minister, said that during 2011, oil demand will climb 2 percent, as a result of surging populations in emerging markets such as China, India, the Middle East and Latin America, Arabian Business reported.
According to Al Naimi, OPEC members may boost oil production this year as global demand for crude rises to 1.8 million barrels a day (bpd), thus maintaining OPEC’s spare capacity at approximately six million bpd.
Saudi Arabia, OPEC’s largest producer and the Arab world’s largest economy; will have spare oil production capacity of about four million bpd this year, said the minister.
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