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Some oil fields likely to remain idle, says Saudi Aramco
- Saudi Arabia: Wednesday, September 23 - 2009 at 09:32
Saudi Aramco CEO Khalid al-Falih has said there is little chance of pumping crude from idle fields next year as recovery in world demand is yet to begin, Bloomberg has reported. "We have the excess capacity in case it's needed but we also have the ability to sustain ourselves with production levels similar to what we see today at prices similar to what we have seen so far," he said. Global demand for oil is expected to rise 1.5% to 1.27 million barrels a day, according to the International Energy Agency, not enough for Saudi Arabia to resume all of its idled fields.
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StaffWednesday, September 23 - 2009 at 09:32 UAE local time (GMT+4)
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