Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Saudi Arabia Can Make Up for Iranian Crude Oil Losses, CNN Says

Jan. 16 (Bloomberg) -- 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.

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.