Sunday, Dec 25, 2011
(This story was originally published Saturday.)
CAIRO (Zawya Dow Jones)--Saudi Arabia, which produced 10.047 million barrels of crude oil per day in November--the highest level in three decades, is likely to produce less this month, an official from the world's largest oil exporter said Saturday.
"It is likely to be lower this month, but it could rise again in January if demand rises," the official, who declined to be named, told Zawya Dow Jones.
The kingdom's oil minister Ali Naimi said earlier Saturday that it is still unclear on how much the kingdom will produce this month.
"The month is not over yet. There is no indication," Naimi told reporters in Cairo.
Earlier this month, the minister said the world's top oil exporter has a production capacity of 12.5 million barrels per day, but that the kingdom does not plan to raise its production capacity to 15 million barrels per day.
Arab oil ministers are in Cairo for a meeting of the Organization of Arab Petroleum Exporting Countries, or OAPEC, set for Saturday. Seven of the members of OAPEC are also members of OPEC. They are Algeria, Iraq, Kuwait, Libya, Qatar, Saudi Arabia and the United Arab Emirates.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
25-12-11 0354GMT
