Saudis See Recoverable Oil Reserves of 267B Barrels, Oil Priced to Recover - Bloomberg Citing Naimi

(Updated - April 7, 2015 2:12 PM EDT)

The Saudis sees recoverable oil reserves of 267 billion barrels as of today, according to Bloomberg, citing comments from the country's Oil Minister, Naimi.

The Saudis plan to produce 20-50 million cubic feet of shale gas next year.

The Saudis are ready to bring stability to the market and prices, but cooperation with non-OPEC and OPEC producers is needed. It isn't against shale oil or other producers.

The Saudis will keep production at 10 million barrels per day.

Oil prices to recover in near future, said Naimi. Prices are improving.

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