At OPEC’s 50th anniversary summit in October, Ali Al-Naimi, Saudi Arabia’s powerful oil minister, was at pains to denounce the idea that the era of easy oil – that is, cheap to extract oil – has passed.
“How can you say that easy oil is over, when we still have over 88bn [barrels] in the Ghawar field? That is more than many countries in the world,” said Mr Naimi, referring to the world’s largest oilfield.
Mr Naimi’s analysis does not preclude, however, his own country’s investment in efforts to tap heavier crudes and extend the lives of older fields.
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