Saudi Arabia eyes oil production up to 13 million barrels per day

JEDDAH: Saudi Crown Prince Mohamed bin Salman on Saturday said the kingdom will seek to increase its oil production to 13 million barrels per day.

Addressing an Arab-American summit in Jeddah, he said the kingdom currently produces around 11 million barrels a day, reported Anadolu Agency.

"We have an immediate capacity to increase production to 12 million barrels a day and with investments, production can go to 13 million barrels per day after which the kingdom will not have any additional capacity to increase production," he added.

The crown prince called for unified efforts to support the global economy.

"Adopting unrealistic policies to reduce emissions by excluding main sources of energy will lead in coming years to unprecedented inflation and an increase in energy prices and rising unemployment and a worsening of serious social and security problems," he warned.

Global oil prices have witnessed a state of instability amid Western efforts to disengage from Russian energy sources following Moscow's war in Ukraine.

Saturday's summit was attended by US President Joe Biden along with the leaders of the Gulf Cooperation Council countries, Egypt, Iraq, and Jordan.

-- BERNAMA