Baku, Azerbaijan, July 3
Trend:
Saudi Arabia is ready to use additional production capacities, if necessary, to increase oil production in coordination with other producing countries, the Council of Ministers of the Kingdom said in a statement, excerpts from which are published by the Saudi Press Agency, TASS reports.
According to data of the Saudi Press Agency, the King of Saudi Arabia Salman bin Abdulaziz Al Saud has briefed the ministers on the details of the conversation with the President of the United States Donald Trump, during which the leaders discussed the situation in the global energy market.
The Council of Ministers "confirmed the readiness of the country to use additional production facilities in case of need to interact with any changes in demand and supply of oil, in coordination with other countries".
The Council of Ministers recalled that "one of the main tasks of Saudi oil policy is the constant desire to achieve a balance and stability of the oil market, as well as coordination and consultation with other producing countries and consumers."
Trump wrote on his Twitter page on June 30, that he had asked the Saudi side to increase daily oil production within 2 million barrels and received consent. This statement was not mentioned in the message of the Saudi agency on the results of the conversation. It was only noted that the leaders confirmed the need for efforts to maintain the stability of the oil market. The article of the Wall Street Journal also claimed that the king did not give guarantees to increase oil production.
Earlier, Saudi Arabia planned to increase oil production in July to a record 10.8 million barrels per day, in an effort to increase exports and to restrain the growth of commodity prices, the sources stated, Bloomberg reported.