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Politics : Politics for Pros- moderated

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From: greenspirit	12/28/2004 5:54:32 PM
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Ho hum, no big news stories in the MSM for this one. Only off by about 200 billion barrels. Saudis say oil reserves could swell by 77% Associated Press December 27, 2004 indystar.com RIYADH, Saudi Arabia -- Saudi Arabia's oil reserves, the world's largest, could increase by almost 77 percent to top 461 billion barrels in a few years, the nation's oil minister said Sunday. "There are big chances to increase the kingdom's producible oil reserves by 200 billion barrels," Ali Naimi said in a statement issued after he inaugurated new oil fields in eastern Saudi Arabia. "This will come either through new discoveries or through increasing production from known deposits." Saudi Arabia says its registered reserves amount to 261 billion barrels. Naimi reiterated promises to continue meeting consumer demand for world crude. "The kingdom is keen to ensure a balance between supply and demand and the stability of the market . . . so that producers benefit and consumers do not lose," the official Saudi News Agency quoted him as saying. Naimi has said the kingdom plans to increase its oil production capacity to 12.5 million barrels per day from the current 11 million during the next few years. The desert kingdom sits on a quarter of the world's proven oil reserves.

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