Saudi King Calls For Oil Exploration To Be Halted

Saudi Arabia’s King Abdullah has ordered a halt to oil exploration operations to save the hydrocarbon wealth in the world’s top crude exporting nation for future generations.

“I was heading a cabinet meeting and told them to pray to God the Almighty to give it a long life,” King Abdullah told Saudi scholars studying in Washington.

“I told them that I have ordered a halt to all oil explorations so part of this wealth is left for our sons and successors God willing,” he said.

A senior oil ministry official said the king’s order was not an outright ban but rather meant future exploration activities should be carried out wisely.

Saudi Arabia, the largest member of the Organization of Petroleum Exporting Countries, pumped oil unchanged at 8.26m barrels a day in June. The kingdom is pumping about 209,000 barrels above its target according to Zawya Dow Jones.

The kingdom’s recoverable crude oil and condensate reserves stood at 260.1bn barrels at the end of 2009, the world’s largest, according to state-run Saudi Arabian Oil Co, or Aramco. The company said in its 2009 annual review published in June that it discovered two fields, a non-associated gas field and an oil field, last year.

www.peakoil.net

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