Saudi Arabia increases oil output - Effort towards sustainable future

According to The New York Times, Saudi Arabia plans to raise the oil production by 500,000 barrels per day reaching a capacity of 10 million barrels a day. Saudi Arabian national oil company, Saudi Aramco is planning to start Khursaniyah oil field, which will be providing this additional capacity to the country (Khursaniyah is a part of large oil expansion plan targeted to raise the Saudi Arabia’s capacity to 12.5 million barrels a day by 2009).
Saudi’s effort to add capacity is seen as an indicator of Saudi Arabia's vision towards sustainable future.

Crude oil prices have surpassed a record level of $139 per barrel on June 6 and Goldman Sachs predicts that prices will touch $200 to a barrel shortly. This continuous increase in prices is lowering the oil demand (already observed in U.S. and other developed countries, similar conditions are also evolving in developing countries), thus putting a question on long term sustainability of OPEC.
[OPEC is an Organization of the Petroleum Exporting Countries formed in 1960 with five founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Today organization has 13 members which include Qatar, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Angola and Ecuador apart from the founding members]

(image source: youthinkleft.com/2007/05/26/high-gas-prices/)

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