Saudi Arabia still important to future oil market supplies - FT.com

"Until recently any discussion about new oil supplies began with Saudi Arabia. That is no longer the case.
In 2007 Ali Naimi, oil minister of the world’s largest oil exporter, said Saudi Arabia had identified projects to increase oil production capacity to 15m barrels a day. But in Washington this April Mr Naimi said production capacity would not increase beyond the current 12.5m b/d in the next 30 years.
The reversal stems in part from a dramatic moderation in oil demand growth since the financial crisis. But it also reflects an unexpected surge in supply from beyond its borders, particularly from the shale revolution in the US."

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