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World has tapped just 18 percent of global oil supplies, Saudi executive says

World has tapped just 18 percent of global oil supplies, Saudi executive says

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Wednesday, 13 September 2006

By Associated Press
Wednesday, September 13, 2006

VIENNA, Austria - The world has tapped only 18 percent of the total global supply of crude, a leading Saudi oil executive said Wednesday, challenging the notion that supplies are petering out.

Abdallah S. Jum’ah, president and CEO of the state-owned Saudi Arabian Oil Co., known better as Aramco, said the world has the potential of 4.5 trillion barrels in reserves - enough to power the globe at current levels of consumption for another 140 years.

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