Share this story
Close X
Switch to Desktop Site

Saudis planning to build emergency oil reserve

Saudi Arabia, OPEC's biggest producer, has completed plans to build the world's largest and costliest strategic petroleum reserve as a buffer against attacks on its oil facilities, Petroleum Information International reports.

The Houston-based newsletter says plans for the secret Red Sea project call for a storage capacity of 1.5 billion barrels of crude -- equivalent to almost six months of Saudi Arabia's official production ceiling of 8.5 million barrels a day.

About these ads

Such a volume in the $7 billion bombproof storage structure near the Red Sea coast would permit the Saudis to ride out attacks on oil facilities in the Eastern province, Saudi officials told the newsletter.

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.