Saudi Arabia can make up for any loss of crude production if sanctions are placed on Iran, CNN said, citing the country’s oil minister Ali al-Naimi.
“I believe we can easily get up to 11.4, 11.8 almost immediately, in a few days,” al-Naimi said in an interview with CNN today. Saudi Arabia has the capacity to produce 12.5 million barrels a day “and we are idling now between 9.4 and 9.8, so we have substantial spare capacity,” he said.
“Our wish and hope is we can stabilize this oil price and keep it at a level around $100,” al-Naimi said, when asked about the outlook for 2012 amid tensions in the Persian Gulf. al-Naimi said he doesn’t expect the Strait of Hormuz to be shut for an extended length of time.