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June 11, 2009 – Saudi Arabia has begun pumping oil from the Khurais oil field, which represents the largest single addition to the global oil supplies in history, according to Saudi Aramco’s top executive. The project, which will handle oil from three fields (Kurais, Abu Jifan, and Mazlij), has the capacity to produce 1.2 million barrels per day (bpd) of Arab Light crude, a highly valued oil that is easily converted to transport fuel. The new development brings the Saudi oil capacity to 12.5 million bpd, with potential to reach 15 million bpd as global demand spikes. The current Saudi spare capacity is 4.5 million bpd, which is more than the output capacity of Iran, the Organization of Petroleum Exporting Countries’s (OPEC) second largest producer.
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