Riyadh does not “like” raising its oil production not at least beyond 11,000 barrels per day (bpd), says a Saudi official.
The anonymous official made the comment to The Wall Street Journal Saturday, not long after US President Donald Trump claimed that the monarchy has agreed to raising the oil output to take on Iran and Venezuela.
“Saudi Arabia does not really like going beyond 11 million barrels a day and has no intention of expanding its current production capacity. It is expensive,” a Saudi official told the paper.
Trump claimed in a tweet that Saudi King Salman bin Abdulaziz al-Saud had agreed to his call to boost production by “maybe up to 2,000,000 barrels.”
“Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference…Prices to high! He has agreed!”…