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FinancialNews
17-07-22
KSA confirms no extra capacity to raise oil output over 13M bpd
(MENAFN) Crown Prince Mohammed bin Salman stated through his speech to the US-Arab summit in Jeddah that Saudi Arabia is not going to have any extra volume to raise oil output more than 13 million barrels a day.
He stated that “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.”
The kingdom earlier confirmed that it was targeting at production volume of 13 million bpd by the next 5 years.
The crown prince also mentioned that incorporated hard work were needed to aid the worldwide economy and that impractical procedures concerning energy sources would only cause inflation.
Mohammed bin Salman stated that "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."
MENAFN17072022000045014228ID1104542027
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