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Saudis Flex Muscle Ahead of Doha Meeting

Saudis Flex Muscle Ahead of Doha MeetingSaudis Flex Muscle Ahead of Doha Meeting

Saudi Arabia could raise crude production by more than a million barrels a day immediately, said the kingdom’s deputy crown prince. “I don’t suggest that we should produce more, but we can produce more,” said Prince Mohammed bin Salman, who is also the chairman of the Supreme Council of Saudi Arabian Oil Company, Bloomberg reported. “We can produce 20 million barrels of oil per day if we invested in production capacity, but we can’t produce beyond 20 million.” The world’s largest oil exporter could increase output to 11.5 million barrels a day immediately and go to 12.5 million in six to nine months, Salman said. The prince’s comments come as at least 18 nations prepare to gather in Doha on Sunday to discuss freezing output at January levels in order to stabilize an oversupplied market. He stressed that the Saudi commitment to a production cap would depend on the participation of other nations, including Iran. Iran’s Oil Minister Bijan Namdar Zanganeh has dismissed the prospect of joining the deal and insisted that the country will boost exports the pre-sanctions level.

 

Financialtribune.com