Saudi Arabia plans to invest $107 billion over the next five years to boost oil, natural-gas, and refining production capacity, al-Eqtisadiah newspaper said, citing Majid al-Moneef, an adviser to the oil minister.
Saudi Arabia, the world’s largest crude exporter, has invested $63 billion in the past five years on oil and gas projects, the newspaper said, citing al-Moneef, who is also the governor for Saudi Arabia at the Organization of Petroleum Exporting Countries.
The Kingdom has a policy of keeping between 1.5 million and 2 million barrels a day of oil as spare capacity, al-Eqtisadiah quoted al-Moneef as saying.
To contact the reporter on this story: Wael Mahdi in Khobar, Saudi Arabia at firstname.lastname@example.org
To contact the editor responsible for this story: Stephen Voss at email@example.com