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Saudi Arabia can increase oil production

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Saudi Arabia can increase oil production

Post by Admin on Sun Apr 17, 2016 3:07 am

Saudi Prince Mohammed bin Salman said that Riyadh has the ability to instantly increase its oil production by 1 million barrels a day to 11.5 million barrels, Bloomberg reported.

According to Prince, mining "optionally" may be increased up to 12.5 million barrels a day for six to nine months.

"I'm not saying that we have to produce more [oil], but we can do it", - said Mohammed bin Salman. "We can produce 20 million barrels of oil per day, if we invest in production facilities, but we can not produce more than 20 million", - he said.

Saudi Arabia has established a record of oil production in 10.564 million bpd in June last year. As noted by Bloomberg, the level of production in Saudi Arabia is at a level of about 10.2 million in January of this year (January to freeze production level will be discussed exporting countries at a meeting in Qatar, 17 April).

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