WASHINGTON - When oil prices hit a record $147 a barrel in July 2008, the Bush administration leaned on Saudi Arabia to pump more crude in hopes that a flood of new crude would drive the price down. The Saudis complied, but not before warning that oil already was plentiful and that Wall Street speculation, not a shortage of oil, was driving up prices. Saudi Oil Minister Ali al-Naimi even told U.S. Ambassador Ford Fraker that the kingdom would have difficulty finding customers for the additional crude, according to an account laid out in a confidential State Department cable dated Sept. 28, 2008.
WASHINGTON, March 8, 2011 /PRNewswire-USNewswire/ -- His Excellency Minister Ali Al-Naimi, the Minister of Petroleum and Mineral Resources for the Kingdom of Saudi Arabia discussed recent concerns surrounding crude oil prices and reserves in an interview with the Saudi Press Agency. During the interview, he outlined the ways the Kingdom is working to ensure stability in the oil market and discussed the recent surge in prices. Minister Al-Naimi stated that Saudi Arabia has 3.5 million barrels-per-day of spare crude oil production capacity readily available if necessary. In addition, he highlighted that the Kingdom can use various storage locations across the world to provide increased flexibility to meet additional requirements from the global market.
WASHINGTON, Feb. 23, 2011 /PRNewswire-USNewswire/ -- The Kingdom of Saudi Arabia's Minister of Petroleum and Mineral Resources Ibrahim Al-Naimi has assured global markets that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries (OPEC) have the capacity of oil to offset supply losses due to crises unfolding around the world. Saudi Arabia alone currently has a surplus supply of approximately 4 million barrels per day. In a press conference yesterday following the Ministerial Extraordinary Meeting of the International Energy Forum (IEF), Al- Naimi reassured the global community that political or economic disruptors that have taken place around the world have not affected oil supply so far. "Right now there is absolutely no shortage of supply," Minister Al-Na...
View AP video about oil g ONLINE at wvgazette.com NEW YORK - Oil prices soared to the highest level in more than two years as Libyan leader Moammar Gadhafi urged his supporters to attack protesters who are violently challenging his 42-year rule. Only a small part of Libyas oil production appeared to be affected, though analysts fear similar revolts will spread to OPEC heavyweights like Iran. Benchmark West Texas Intermediate for April delivery jumped $5.71, or 6.4 percent, to settle at $95.42 per barrel on the New York Mercantile Exchange. Oil hasnt been that high since it settled at $97.92 on Oct. 1, 2008. Retail gasoline prices in the U.S. held steady overnight at a national average of $3.171 per gallon. Libya holds the most oil reserves in Africa and is the worlds 15th-largest crude ...
En abril, el ministro del petróleo saudí, Al-Naimi, declaró que las reservas del reino superan los 261,000 millones de barriles, y que Arabia Saudita podría aumentar la producción diaria de ocho millones a 15 millones de barriles manteniendo el ritmo durante 50 años. Por lo tanto, no es probable que el crudo se agote a corto plazo, pero sí que se encarezca más de la cuenta debido precisamente a la falta de confianza que genera Arabia Saudita. Antes de la guerra en Irak, Julian Lee, analista del Centro para Estudios de Energía Global, aseguró que los atentados en sitios clave como los citados podrían disparar el precio del barril hasta los 50 dólares. No se equivocó mucho, pues los 40 dólares por barril han sido superados desde entonces con frecuencia. Según Kenneth Pollack, un alto mand...
VIENNA - OPEC oil ministers on Thursday left production targets unchanged despite what they say is oversupply, signaling both satisfaction with crude prices in the $80s and determination to send a message of stability to energy-dependent nations just starting to emerge from recession. The decision by the organization's 12 oil ministers was expected, with oil powerhouse Saudi Arabia suggesting the group would stay with the status quo shortly before the start of their closed meeting. The ministers, said Saudi oil minister Ali Naimi, "are happy with the market the way it is.
A report by the Dubai-based Gulf Research Centre (GRC), "Alternative Energy Trends and Implications for Gulf Cooperation Council Countries," offers this analysis: "High costs of fossil fuels alongside technological breakthroughs and decreasing costs with growing economies of scale will play out well for RES, which have developed into an industry to reckon with and are also underpinned by growing government support and concerns about global warming. Saudi oil minister Ibrahim Al Naimi recently stated that his country is planning to make solar energy an important pillar of the national energy mix. Hailing solar energy as "abundant, clean and available to all," he said Saudi Arabia will be giving "that sort of energy special attention." Energy security, climate change and sustainable dev...
Oil futures fell Monday but came back from earlier lows after Saudi Arabia's oil minister appeared to defuse rumors that the oil cartel might agree to boost production at a meeting this weekend. Ali Naimi, however, left open the possibility that the Organization of Petroleum Exporting Countries will agree to increase output during a meeting in Abu Dhabi, in the United Arab Emirates, next month. "(Production will be discussed) when OPEC meets in Abu Dhabi, not here," he said in Riyadh, where this weekend's meeting will be held. Light, sweet crude for December delivery fell $1.70 to settle at $94.62 a barrel on the New York Mercantile Exchange after falling as low as $93.54 earlier. Airlines brace for influx
Also announced was an agreement with Qatar Motor and Motorcycle Federation to sponsor Mishal Mohamed al-Naimi and Rashid Ibrahim al-Mannai, two promising Qatari riders.
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