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FinancialNews


  • 09-05-12

    Saudi current oil output at 10m bpd

    (MENAFN) Saudi Petroleum and Mineral Resources Minister, Ali Al-Naimi, announced that at the current time, the Kingdom is producing about 10 million barrels per day (bpd) of oil, reported Arab News. Al-Naimi also said that the country is storing 80 million barrels in case any sudden disruption in supplies occurs. The minister added that the current output is the same as last month, the highest since November; moreover, Saudi has a spare capacity of 2.5 million bpd. It is worth noting that worries over supply disruptions boosted Brent prices by 20 percent since the start of 2012, reaching a record of more than USD128 in March.

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