Saudi Arabia's oil output seen at 9m bpd in 2011

National Commercial Bank's chief economist also says Saudi's crude prices to average $95
Saudi Arabia's oil output seen at 9m bpd in 2011
By Bloomberg
Sun 01 May 2011 07:58 PM

Saudi Arabia’s oil production
may reach nine 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 on Sunday.

Saudi
Arabia, the world’s biggest oil exporter, reduced its output by 800,000
barrels per day in March after raising it to over nine 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.

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