NEW YORK: Saudi Arabia will go forward with plans to expand oil production despite US goals of cutting dependence on crude from the Middle East, Saudi Arabia's ambassador to the United States said today.

"We have already put into motion plans to increase our production to 12.5 million barrels per day," Prince Turki Al-Faisal said at a press briefing. "That expansion is going forward without any hesitation." Saudi Arabia, the world's top oil exporter, currently pumps around 9.42 million bpd and is the largest Middle Eastern supplier of US oil imports, accounting for about 15 per cent of foreign shipments. US President George W Bush announced last month in his State of the Union speech plans to cut US reliance on Middle East oil by 75 per cent by 2025 as part of efforts to end what he called a US "addiction" to the region's crude. Turki said the announcement ran counter to discussions between Bush and then Crown Prince Abdullah's meeting last year in Texas. "When they met in Crawford last April, they agreed on a joint energy policy which would entail Saudi Arabia increasing oil production," he said, adding, "All of these issues are now being discussed with your administration." The United States, by far the world's biggest oil consumer, imported around 9.9 million bpd in November mostly from Canada, Mexico, Saudi Arabia, Nigeria and Mexico. Analysts say the United States will have trouble reducing dependence on Middle Eastern crude as demand is expected to rise while domestic production wanes. The Middle East's oil reserves, the world's largest, offer some of the cheapest supplies and are likely to remain a key component of US imports, experts say. Saudi Arabia launched the plan to expand oil production and refining capacity as part of efforts to keep crude prices, which rocketed over $US70 ($NZ105.08) a barrel last year and which have been holding above $US60 a barrel recently, from hurting the economies of consumer nations. PIN/STUFF.CO
کد خبر 79573