Largest Global Oil Reserves To Increase 77%

Saudi oil minister Ali Naimi announced Sunday that the national oil reserves could increase by almost 77 percent to top 461 billion barrels in a few years.

"There are big chances to increase the kingdom's oil reserves by 200 billion barrels," Ali Naimi said on the formal opening of new oil fields in eastern Saudi Arabia. "This will come either through new discoveries or through increasing production from known deposits."

New fields include Qatif Producing Plants, which is operated by Saudi Aramco, is believed to have a capacity of 800,000 barrels per day. The plants will also provide 10 million cubic metres of associated gas. Naimi added he promised to satisfy consumer demand for world crude.

"The kingdom is keen to ensure a balance between supply and demand and the stability of the market ... so that producers benefit and consumers do not lose.?