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FINANCIAL NEWS
Saudi able to offset any oil shortage
31 Jan 2012
(MENAFN) Saudi Minister of Petroleum and Mineral Resources, Ali Al-Naimi, said that Saudi’s constant investment in the oil industry makes the country a reliable supplier of energy, with the ability to offset any future shortages in the global oil market, reported Arab News.
Al-Naimi added that even though Saudi’s domestic energy demands were growing and the country’s economy was expanding, however, this would not affect the Kingdom’s oil exports.
He also said that the oil industry is witnessing a dynamic change with the US and Canada raising domestic output, Brazil seeking to release its large offshore reserves, and Iraq and Libya planning to boost production.
It is worth noting that Saudi is investing largely to expand refining capacity, both at home and abroad, and to widen the range of refined goods created in the country, both for use in the domestic market and for export.
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