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Saudi Arabia Plans to Raise Oil Output Capacity by 14%

Saudi Arabia, the world’s largest oil exporter, plans to expand output capacity by 14 percent to avert shortages as demand rises, the nation’s oil minister said yesterday. Saudi Arabia’s capacity will rise to 12.5 million barrels a day from 11 million now, said the minister, Ali al-Naimi, without giving a timetable. He also said OPEC had no plan to drop the dollar as the basis for oil sales, and he declined to reiterate support for the group’s official price target of $25 a barrel. “The spare capacity helps assure the continuity of stable markets by making more oil available in times of supply dislocations or any unusual surge in demand,” Mr. Naimi said in London at a conference on the Middle East organized by the Royal Institute of International Affairs. Full Story

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