World has tapped just 18 percent of global oil supplies, Saudi executive says
VIENNA, Austria - The world has tapped only 18 percent of the total global supply of crude, a leading Saudi oil executive said Wednesday, challenging the notion that supplies are petering out.
Abdallah S. Jum’ah, president and CEO of the state-owned Saudi Arabian Oil Co., known better as Aramco, said the world has the potential of 4.5 trillion barrels in reserves - enough to power the globe at current levels of consumption for another 140 years.
Jum’ah challenged oil ministers and petroleum executives at an OPEC conference in Vienna to step up exploration “and leave the minimum amount of oil in the ground.”
Associated Press
Abdallah S. Jum’ah, president and CEO of the state-owned Saudi Arabian Oil Co., known better as Aramco, said the world has the potential of 4.5 trillion barrels in reserves - enough to power the globe at current levels of consumption for another 140 years.
Jum’ah challenged oil ministers and petroleum executives at an OPEC conference in Vienna to step up exploration “and leave the minimum amount of oil in the ground.”
Associated Press
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