Saudi Arabia to increase oil-production capacity

Saudi Arabia plans to increase its crude oil production capacity by nearly 40% by 2009 and double its refining size over the next five years to keep pace with growing global demand, the country’s oil minister said today.

Ali Naimi said the plans are part of a £40bn (€61bn) commitment that Saudi Arabia, the world’s biggest oil exporter, has made to increase oil supplies in the global market.