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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Saudi has 'every intention' of meeting oil demand: prince AFP - Wednesday, July 21 Send IM Story Print Saudi has 'every intention' of meeting oil demand: prince RIYADH (AFP) - – Saudi Arabia fully plans to meet the growing demand for oil driven by China and India, a senior prince and former national intelligence chief said on Tuesday. "As the demand for oil continues to rise, especially from China and India, the kingdom has every intention of meeting that demand," Prince Turki al-Faisal said in a speech to the Oxford Energy Seminar in Britain. Saudi Arabia, which holds the world's largest proven oil reserves, is pushing to diversify its own energy production and consumption away from oil in part to ensure it has enough to supply the global oil thirst, Turki said. "One of the most important things the kingdom will be doing to make sure it can meet that demand will also help meet a different demand rising more strongly every day. I am speaking of the development of alternative energy sources," he said in the speech, the text of which was emailed to AFP. He foresaw the possibility of Saudi Arabia exporting natural gas, solar-powered and wind-powered energy to the world one day as well as crude oil. "Saudi Arabia wants to sell energy, and it very much understands that there are two kinds of businesses in this world -- those that sell things people want, and those that don't. Saudi Arabia wants to sell what people want," he said. Turki, who heads Riyadh's King Faisal Centre for Research and Islamic Studies, also dismissed recent claims by Hugo Chavez who said Venezuela might have more than Saudi Arabia's proven reserves of 264 billion barrels of oil. "We have recently heard mention from other countries of having oil in the ground that exceeds what can be found in Saudi Arabia," he said. "However, these claims are entirely about unproven reserves, so they are completely hypothetical and, in my opinion, entirely unfounded. "Were Saudi Arabia to go down the path of claiming unproven reserves, there would still be no competition," he added, saying the desert kingdom might have over 700 billion barrels underground. "Leave it at this: No other country can claim anywhere near the quantity of proven or unproven oil reserves as Saudi Arabia." Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 26 minutes ago BP to sell $7 billion in assets to Apache Reuters - 26 minutes ago Juniper revenue up 24 pct, CEO confident Reuters - 33 minutes ago Yahoo revenue misses Wall Street expectations Reuters - 34 minutes ago Wall Street rises on Goldman and materials shares Reuters - 35 minutes ago News Search Top Stories Apache to buy BP assets in US, Canada, Egypt Lindsay Lohan carted off to jail Goldman Sachs profits fall 82 percent Single-aisle jet orders take off at Farnborough show HIV gel breakthrough lifts mood at AIDS conference More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Parachuting donkey shocks Russian beachgoers Major step towards anti-HIV vaginal gel HIV gel breakthrough lifts mood at AIDS conference Single-aisle jet orders take off at Farnborough show Peruvian detained in Mexico with 18 hidden monkeys More Most Viewed » Reclusive top mathematician turns down prize, again Parachuting donkey shocks Russian beachgoers Paris Hilton caught with cannabis in handbag Germany's 'Octopus oracle' keeps perfect record Who's right - the dolphin or the octopus? More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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