Saudi oil chief: Crude output won’t meet demand unless producers step up - MarketWatch

Saudi oil chief: Crude output won’t meet demand unless producers step up - MarketWatch: "MANAMA — Global oil demand is expected to growth by an average of more than one million barrels a day annually and the oil industry needs around five million barrels a day of additional crude output capacity to keep up with demand, Saudi Arabia’s oil minister Ali al-Naimi said Thursday.

“There is a big drop in the production capacity of oil wells across the world, estimated around four million barrels a day, which means the petroleum industry needs new additional production capacity of around five million barrels a day every year…to meet the global demand,” Naimi told an energy gathering in the Bahraini capital Manama.

Investments in the petroleum sector should continue to add new capacity and keep up with demand, and Saudi Arabia will cooperate with all producers on these investments, Naimi told the gathering.


Saudi Arabia, the kingpin of the Organization of the Petroleum Exporting Countries, is playing a key role in the stability of the oil markets CLF6, +0.41%  and is eager to cooperate with all producers and exporters either inside or outside the cartel to maintain the stability of the market and price, said Naimi."



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