The world has as much as five trillion to seven trillion barrels of oil yet to be developed, located in “challenging” areas or acreage closed to exploration, Saudi Arabian Oil Minister Ali al-Naimi said.

“The limits to future supplies have more to do with politics than with geology and resource availability,” Ali said in Madrid, speaking at the World Petroleum Congress, where he is receiving an industry award. Concern over supply could be overcome by allowing “explorers to explore and find hydrocarbons where they aren't allowed,” he said.
Saudi Arabia, the world's largest oil producer and de facto leader of OPEC, decided to unilaterally raise output by 500,000 barrels a day in June and July as investors bought into commodities as a hedge against a weakening U.S. dollar, falling equity markets and on concern supply may be disrupted.
The minister maintained that there was enough oil supply, echoing comments from other OPEC ministers this week. “How many times do I have to tell you, prices have nothing to do with supply and demand,” Ali said.
Record prices, which the minister blamed on factors including geopolitics and a weak U.S. dollar, are affecting economic growth. “It affects everybody equally,” he said. “High oil prices affect economic growth worldwide.”
(Source: Bloomberg)