Saudi Arabia To Increase Oil Production to 13M Barrels per Day

Saudi Arabia will increase its oil production to at most 13 million barrels per day, the Saudi Press Agency quoted Crown Prince Mohammed bin Salman as saying on Saturday. The kingdom does not have the capacity to raise production further, the crown prince said. The announcement came during the Jeddah Security and Development Summit with US President Joe Biden and the leaders of Egypt, Iraq, Jordan, and the Gulf Cooperation Council member states. The crown prince warned that “unrealistic” energy policies would lead to higher inflation. He called for international cooperation to battle the COVID-19 pandemic and achieve a global economic recovery and food and health security.