Saudi Arabia's current daily crude production capacity is 11.3 million barrels of oil a day.At today's Jeddah Energy Meeting in Saudi Arabia, Ibrahim Al-Muhanna, a senior advisor to Saudi Arabia's Minister of Petroleum, stated that crude oil production would increase significantly with the goal of raising Saudi production capacity to 12.5 million barrels of oil a day by the end of 2009. (FYI, 98% of Saudi's oil production is high sulfur, SOUR Crude. It should be noted that SOUR Crude is much more expensive + difficult to refine vs. the more ideal variety of crude oil - SWEET crude)
* FYI + as mentioned in previous posts, Saudi Arabia has the WORLD's LARGEST crude oil reserves equating to about 260 Billion barrels or approx 1/4 of the world's TOTAL proven reserves. Saudi Arabia is also currently the U.S.'s 3rd largest supplier of Crude OIL (Canada is #1 and Mexico is #2).
http://www.cnbc.com/id/25298153
http://www.cnbc.com/id/25298153
Data Courtesy: CNBC
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