Saudi Arabia’s crude production is surging and the kingdom is busy developing new super-giant fields in the clearest sign that Riyadh sees sustained demand growth for oil.
The kingdom has accelerated the development of its super-giant Manifa oil field, in the waters of the Gulf. State-owned producer Saudi Aramco announced in its 2010 annual review, published earlier this month, that the field would pump at its maximum rate of 900,000 barrels a day by 2014, a decade earlier than previously thought.
The accelerated timetable, which received little attention as it was overshadowed by the Opec meeting some days later, suggests that Riyadh sees greater oil demand. The company said in its 2009 annual review that Manifa, which has a price tag of about $11bn, would not reach full capacity until 2024.
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