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LIVE

Tuesday, 14 October, 2008, 16:20 GMT | more prices >>

Saudi output holds steady at 9.2m bpd

By Upstream staff

Saudi Oil Minister Ali al-Naimi said the kingdom was pumping at a steady rate of 9.2 million barrels per day and would continue to do so.

"I am not going to pull back. I'm not going dump crude on the market," Naimi told Reuters when asked whether Saudi Arabia might change its output.

He said the Khursaniyah oilfield will pump 500,000 bpd day and brushed aside reports it would be delayed beyond the first half of this year.

"Khursaniyah is being put on right now. It will come to 500,000 bpd," Naimi said.

Meanwhile, the kingdom's spare oil production capacity is more than 2 million bpd, Ibrahim al-Muhanna, an adviser to Naimi, said.

"For the past quarter century, Saudi Arabia has maintained significant spare production capacity, which reached a height of 5 million bpd at some points in the eighties and stands at more than 2 million bpd today," he told an oil conference in Paris.

The spare capacity is kept for emergency use.