Saudi Arabia ready to pump more oil to balance market

Today Adnoc confirms it is on track to raise production capacity

Amin Nasser, chief executive officer of Saudi Arabian Oil Co. (Aramco), gestures as he speaks during day two of the 7th Organization Of Petroleum Exporting Countries (OPEC) international seminar in Vienna, Austria, on Thursday, June 21, 2018. The odds of OPEC reaching an oil-production deal increased as Iran edged away from a threat to veto any agreement that would raise output and Saudi Arabia put forward a plan that would add about 600,000 barrels a day to the global market. Photographer: Stefan Wermuth/Bloomberg
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Saudi Arabia said on Tuesday it is prepared to pump more oil into the market to balance prices.

The country's cabinet affirmed the kingdom's readiness to use its spare crude production capacity to maintain market stability.

"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," a cabinet statement said following a meeting chaired by King Salman.

Last month the Opec+ group confirmed it will increase production by 1 million barrels per day. Saudi Arabia and Russia are expected to bear the greatest burden of this.

Also on Tuesday, Adnoc confirmed it is "on track" to raise production capacity to 3.5m bpd from 3.3m bpd by the end of this year.


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