Saudi Arabia, the world’s No. 1 crude exporter, can boost its output capacity and isn’t at risk of becoming a net importer of oil, an energy analyst who advises the government said, rebutting a report by Citigroup Inc.
Mohammad Al-Sabban said a Citigroup study published on Sept. 4 assumes that Saudi Arabia will maintain its production capacity for years at the current level of 12.5 million barrels a day. Such a forecast is “unrealistic,” said al-Sabban, who also works as his nation’s chief negotiator on climate-control issues.
“The kingdom’s production capacity changed in the past, and it’s changing according to the needs of global demand,” he said yesterday by telephone from Riyadh. “It was never fixed for a very long period at a certain level.”
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