Companies / Iran
Saudi Pledges 12.5mn b/d Of Capacity
April 2006 | Industry NewsIranian oil exports are under threat from UN policy, while Nigeria continues to under-supply the market with its refiner-friendly crude. Both countries account for some of OPEC's theoretical 'spare' capacity, implying that the narrowest of safety margins in terms of oil supply has become a mere sliver. Saudi Arabia, in baseball terms, needs to step up to the plate. Yesterday, the country again pledged that it would raise its productive capacity from 10.5mn barrels per day (b/d) to 121.5mn. This, it believes, will ensure adequate supply. Whether or not we choose to believe the Saudi claims is irrelevant. OPEC collectively
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