Thu. Jul 18th, 2024

The country can boost output to 13 million barrels per day, but not more, crown prince says

Saudi Arabia is ready to increase oil production to its maximum of 13 million barrels per day but does not have the capacity to pump out more, Crown Prince Mohammed bin Salman said during his address at the US-Arab summit in Jeddah on Saturday.

The kingdom has announced an increase in its production capacity level to 13 million barrels per day, after which the kingdom will not have any additional capacity to increase production,” he was quoted as saying by UAE’s newspaper The National.

The crown prince also said that the global community should join forces to support the worldwide economy, but noted that unrealistic policies regarding energy sources would only worsen the situation.

Adopting unrealistic policies to reduce emissions by excluding main sources of energy will lead in coming years to unprecedented inflation and an increase in energy prices and rising unemployment, and a worsening of serious social and security problems,” he stated.

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