Saudi Oil Minister, Ali Naimi said that his country is aiming to boost recovery rates at key producing oilfields up to 70% through using a new technology.

 

“These scientific developments and applications will contribute to improve recovery rates by 50% overall, and by 70% in the Kingdom’s key producing fields,” Naimi said yesterday in a presentation to an industry event in Qatar.

 

The Kingdom, which has the world’s largest crude production capacity of 12.5 million bpd and home to the world’s largest oilfield “Ghawar”, pumped around 8.25 million barrels per day in April, according to a Reuters survey.

“Yes, there is balance between supply and demand,” added Naimi, commenting on the global oil markets, on the sidelines of an energy conference.