Saudi Arabia has announced that it is prepared to increase its oil production by up to 1.3 million barrels per day if necessary based on the demands of consumers.
In a statement today, Saudi Arabia's Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi declared: "The Kingdom is well prepared to meet all the requirements of the international oil companies if they need additional volumes, relying on its surplus production capacity of more than 1.3 million barrels daily, which could be used immediately if required."
According to Minister Al-Naimi: "The Kingdom of Saudi Arabia, in collaboration with the other OPEC countries, endeavors to ensure the stability of the international oil market and prevent oil prices from escalating in a way that may negatively affect the world economy or oil demand. To achieve this goal, the Kingdom has increased its production during the last three months to meet the growing demand for Saudi oil. This increase amounted to more than one million barrels per day, bringing to more than 9.3 million barrels daily the average production of the Kingdom during the past three months."
Saudi Arabia's policy over the last 30 years has been to ensure an adequate supply of crude oil at moderate prices. The Kingdom remains a strong and reliable energy supplier for the international community.