SINGAPORE, Nov. 3 (UPI) -- Saudi Arabia can maintain its current crude oil production levels for at least 80 years, the country's oil minister said at a Singapore energy conference.
Saudi Oil Minister Ali al-Naimi told delegates at an energy summit in Singapore that his country has plenty of oil left to exploit.
"With 264 billion barrels of proven reserves, at current production levels, the kingdom could continue to supply crude oil for another 80 years even if we never find another barrel," he was quoted by Bloomberg News as saying. "However, we are finding those new barrels."
Naimi told the conference that his country was adding reserves to its national estimates that were about the same as it was pumping. Riyadh drew about 8.23 million barrels of crude oil out of the ground in October, Bloomberg added.
He complained, however, that the push to find green energy alternatives to feed the world's growing energy demands was hurting the competitiveness of the oil and natural gas market, stressing fossil fuels would continue to dominate the energy sector while new technologies emerge.
Saudi Arabia is the largest oil supplier in the world. Its Ghawar field, believed to be the largest oil field in the world, pumps around 6 percent of the world's crude oil output.