Ali Naimi Capacity Quotations

It is an excellent gesture from OPEC to provide 2 million barrels a day of spare capacity to the market, ... If the market feels it needs additional crude, they're welcome to it. It's there.

These are turbulent times for oil markets. Prices are under pressure because the petroleum industries infrastructure is stretched thin. Most of the spare capacity of the 1980s and 1990s has disappeared, resulting in a system that has a much smaller margin for error.

The current price level is providing the returns needed to attract adequate investment. We believe spare crude oil production capacity will grow sufficiently in the next 3-4 years to restore some margin of safety to world crude markets.