Saudi Arabia's oil production stable at 10.3 million barrels per day

Saudi Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al Naimi has expressed his optimism about the rising of oil prices in the future, saying that prices are continuing improvement.

In a press statement after opening the 18th annual meeting being organised by the Saudi Economic Association under the title, 'Economies of Energy' in the presence of Prince Abdulaziz bin Salman bin Abdulaziz, Deputy Minister of Petroleum and Mineral Resources and the Association's Honorary President, Minister Al Naimi said, "Oil production in the Kingdom is stable and the Kingdom's production per day last March amounted to 10,300,000 barrels of oil."

According to Saudi Press Agency, SPA, he said, "We have pledged to the project of 'Wa'ad Al Shamal' to produce between 20 to 200 million cubic feet of gas, and that will be achieved soon, of which 20 million cubic feet of gas is needed by Maaden, Saudi Arabian mining company, as well as an electricity station.

The minister stressed that the most important thing is that the quantities of the discovered gas are promising and large, saying, "God willing, we can produce it at a reasonable cost, now, the cost of shale gas is high in the world."

Asked about the cost of gas extraction compared to normal oil in light of the decline in oil prices, the Minister said, "Always, with the start of something new, the cost is high, but with the development, technology and scientific research, the cost begins to decline, and this is what is happening in the world."

The minister concluded, "We have many programmes, initiatives, experiments and research in the production of energy, including solar energy. We seek one day to produce electrical energy from solar energy that keeps us away from all the use of fossil fuels and the Kingdom is one of the best places in the world for the exploitation of solar energy."

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