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Saudi Arabia outlines what it will do for oil production — RT Business News

Country can increase production to 13 million barrels a day, not a barrel more, says crown prince

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

The kingdom has announced an increase in its level of production capacity to 13 million barrels per day, after which the kingdom will have no additional capacity to increase production“, he said, quoted by the Emirati newspaper The National.

The Crown Prince also said the global community should join forces to support the global economy, but noted that unrealistic policies regarding energy sources would only make the situation worse.

The adoption of unrealistic policies to reduce emissions by excluding major sources of energy will lead in the years to come to unprecedented inflation, rising energy prices and rising unemployment, as well as a worsening of serious social and security issues,” he stated.

Mohammed bin Salman’s words come a day after his talks with Joe Biden, who was in Saudi Arabia on his first visit as US president, and urged the kingdom to increase oil production to reduce global dependence on oil. with regard to supplies from Russia.

Commenting on his trip to the kingdom, Biden said that Saudi Arabia “energy resources are vital to mitigating the impact on global supplies of Russia’s war in Ukraine.”

Saudi Arabia, one of the world’s largest oil exporters and the top producer within the Organization of the Petroleum Exporting Countries (OPEC), currently pumps more than 12 million barrels of oil per day. The kingdom had previously said it planned to reach a production capacity of 13 million barrels per day by 2027. The crown prince did not reveal whether the timetable for the capacity increase had changed.

US threatens Russian oil exports

After the start of the Russian military operation in Ukraine, the United States and other Western countries tightened sanctions against Moscow, calling, among other things, for a boycott of Russian energy supplies. The United States stopped importing Russian oil earlier this year and the EU imposed a partial embargo on Russian fuel last month.

Washington is now considering setting a price cap for Russian merchandise, and US Treasury Secretary Janet Yellen is currently in Asia trying to drum up support for the program. The United States is particularly keen to secure China and India’s participation in the price cap mechanism, as the two countries have not only refused to sanction Russia for the Ukraine dispute, but have recently stepped up their purchases. of Russian oil.

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