Saudi Arabia to Pump 9 Million Barrels of Oil in 2011, NCB Says
Saudi Arabia’s oil production may reach 9 million barrels per day on average in 2011 as global demand increases, said an official at National Commercial Bank, Saudi Arabia’s largest bank by assets.
Average prices for Saudi’s crude are expected to reach $95 per barrel, Said A. al-Shaikh, the Jeddah-based lender’s senior vice president and its chief economist, said in a telephone interview today.
Saudi Arabia, the world’s biggest oil exporter, reduced its output by 800,000 barrels per day in March after raising it to over 9 million in February, Oil Minister Ali al-Naimi said last month. The kingdom produced 8,292,100 barrels a day in March and it will probably go a “little higher in April,” he said.
Saudi Arabia pumped 9.02 million barrels of crude a day in February, up 5.9 percent from the previous month, according to official data posted April 17 on the Joint Organization Data Initiative’s website.
To contact the reporter on this story: Wael Mahdi in Khobar at wmahdi@bloomberg.net.
To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net.
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