Development of giant Saudi oil field is key for soaring oil prices

June 29, 2008 21:53

This massive oil field surrounded by the desolate sands of Saudi Arabia's vast eastern desert feels like the middle of nowhere. But what happens over the next year at Khurais, one of Saudi Arabia's last undeveloped giant oil fields, could hold the key to what drivers will pay at the pump for years to come. Under way at Khurais and two other smaller fields nearby is what Saudi Arabia calls the single largest expansion of oil production capacity in history. With consumers howling over record fuel prices and the United States pushing Saudi Arabia to produce more oil, this patch of sand 160 kilometers west of the Saudi capital of Riyadh has become one of the most important places in the world economy.

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