Saudi Arabia, the world’s top crude exporter, said it is prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market. After the meeting chaired by King Salman, a cabinet statement yesterday said, the kingdom is prepared to utilise its spare production capacity when necessary to deal with any future changes in the levels of supply and demand. The statement said the kingdom will coordinate with other producers.
Saudi Arabia, which has been pumping around 10 million barrels per day, holds the largest spare capacity in the world.
The announcement comes after US President Donald Trump said on Saturday that King Salman had agreed to his request to ramp up oil production.