Saudi to raise output capacity to 12.5 million bpd

AFP, February, 2005

RIYADH (AFP) — Saudi Arabia said it planned to hike its oil output capacity to 12.5 million barrels per day (bpd) within four years and has considered the possibility of raising it to 15 million if required.

"Saudi Arabia plans to increase its production capacity to 12.5 million bpd within the next four years," Oil Minister Ali al-Nuaimi told reporters attending a Saudi-hosted counter-terrorism conference.

He said the plan was based on expectations of a "continuation in the increase in world demand during the coming 20 years."

The oil giant has also "studied increasing its oil production capacity to 15 million bpd if world demand required that," he added Tuesday.

Nuaimi confirmed that Saudi Arabia was currently producing nine million bpd and said it would continue to do so until further notice.

"Saudi Arabia's production today is at nine million bpd and will continue ... ...