Filed under: Uncategorized | Tags: Aramco, energy, KSA, Naimi, peak oil, Prince Faisal, Saudi Arabia, Saudi Arabian oil consumption, Saudi Oil Minister, Saudi oil production, Saudi production capacity
Even in a totalitarian government they can’t get their stories together.
“Saudi Arabia’s national production management scheme is set to increase total capacity to 15 million barrels per day and have an export potential of 10 [million] barrels per day by 2020,” Prince Faisal, a former Saudi ambassador to the US and UK said in a speech at the Belfer Centre for Science and International Affairs of Harvard University. The speech was delivered last week and posted on the centre’s website late Monday.
The prince clarified his position in an email on Tuesday. “Saudi consumption may reach five million barrels of oil by then [2020], hence the production capacity of fifteen million barrels,” is required to maintain country’s export potential, he said.
Saudi Arabia would be lucky to go past production of 9 million barrels a day by 2020 and, “we don’t see anything like 15 million barrels a day before 2030, 2040,” said Naimi in an appearance at the Centre for Strategic and International Studies in Washington DC Tuesday.
via Rift emerges over Saudi oil policy | GulfNews.com.
Notice in this article and others how any potential increase or decrease in Saudi oil production is always portrayed as a matter of policy, not geology.
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