Saudi Arabia has adequate oil reserves to meet its energy requirements for 80 years, the International Association of Energy Economies (IAEE) has announced
It also quoted energy experts as saying that Saudi Arabia has developed new technologies to make use of its solid oil reserves, which amount to more than 265bn barrels.
Experts said the Kingdom reduced oil production during the closing months of 2012 due to a fall in demand in the global market, especially in China, as a result of economic depression. However, Saudi Arabia was capable of increasing oil output to 12.5mn barrels daily whenever required, the experts said.
Abdul Wahab Al-Saadoun, secretary-general of Gulf Petrochemicals Association, said, "Saudi Arabia is capable of tapping most of its oil reserves thanks to modern technological advancement."
Fahd bin Juma, member of IAEE, said, "Saudi Arabia plays a big role in international oil market stability. It has the capability to stabilise the market by increasing or reducing production whenever required.”
“Estimates show that Saudi Arabia will have enough oil for 170 years as long as it produces nine million barrels daily. Greater output will naturally reduce this period,” he added.
Juma also predicted that oil prices would be stable at US$110 for Brent, US$108 for Arabian light crude and US$95 for US crude this year.
