The Saudi Prince Mohammed bin Salman said that Riyadh has the ability to increase oil production by 1 million barrels per day to 11.5 million barrels, according to Bloomberg.
According to Prince, production, “optionally” can be increased to 12.5 million barrels a day for six to nine months.
“I’m not saying that we need to produce more [oil], but we can produce more,” said Mohammed bin Salman. “We can produce 20 million barrels of oil per day if we invest in production capacity, but we can’t produce more than 20 million,” he said.
Saudi Arabia has set a record for oil production in 10,564 million barrels a day in June last year. As noted by Bloomberg, the level of production in Saudi Arabia is at around 10.2 million since January of this year (freezing production at the January level will be discussed exporting countries at a meeting in Qatar, April 17).
Saudi electricity company Saudi Arabian Oil Co. stated that it will promote new development and will not reduce investment because of falling oil prices.
According to Mohammed bin Salman, Saudi Arabia now produces less oil than its potential as a demand-driven. “If we produced more oil than required, we would have destroyed many markets.Thus, we consider demand and supply, and we consider every request we get, and working on it,” said the Saudi Prince.