Saudi Aramco’s chief executive officer has said the state-owned oil giant will not raise its crude oil production capacity until 2015.

Khalid al-Falih stated in Riyadh that no new capacity would come on stream until the offshore Manifa field starts producing in 2015.

The executive cited alternative oil sources around the world meaning that the kingdom did not need to expand as rapidly as first thought to meet demand.

“This does not really change any of the planned projects in the kingdom,” says a source working in the oil industry in Saudi Arabia. “Even if a major new discovery or expansion and rehabilitation of an existing field is announced tomorrow it would take three years to execute.