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The Saudi Kingdom makes a promise not to increase the level of oil production

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The Saudi Kingdom makes a promise not to increase the level of oil production

The Saudi Kingdom makes a promise not to increase the level of oil production
September 01
14:30 2016

Saudi Arabia is not going to increasing the level of oil production up to the maximum. This statement was made by Khalid Al -Falih, Saudi Oil Minister, in an interview to the Al Arabiya News Channel during his official visit to China.

According to Al- Falih, Saudi Arabia does not define the target rates of the primary production and the volumes of oil production are based on the requests and needs of the consumer.

In particular, the minister said: “Oil meets the needs of our customers and we will maintain a high degree of the responsibility in our politics.”

Khalid Al- Falih said he was not too worried about the volumes of the world demand for oil, yet raw materials had fallen in price. He added that “black gold” in China was in great demand.

In the Saudi Kingdom the oil consumption has increased after two new refineries have been put into operation.

The volume of oil production in Saudi Arabia in July amounted to 10.67 million barrels per day. It is an unprecedented maximum level. The country has a production capacity, which allows producing of about 12.5 million barrels per day.

Saudi Arabia will participate in the September meeting of the OPEC oil-producing countries and the countries that are not members of the OPEC. The meeting will take place in Algeria. During the Algerian negotiations the issue of the probable freeze of the oil production is expected be touched upon.

The last attempt of the countries to agree on the oil production freeze has failed: the commodity-exporting countries failed to come to a consensus on the issue during the negotiations in April.

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