Saudi oil production is likely to rise in the near future to 11 million barrels per day (bpd) on a steady basis, but the Kingdom cannot guarantee that prices won’t rise above $100, Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco, said on Monday, according to Russian News Agency TASS.
Key quotes
Saudi Arabia used for decades oil policy as the responsible economic tool and isolated it from politics.
I cannot give you a “guarantee” oil will not rise above $100 per barrel.
OPEC wants to sign a new open-ended deal with non-OPEC in Dec.
Saudi production is likely to go up in the near future to 11 million bpd on a steady basis.
There is no intention” to repeat a 1973-style oil embargo.
If oil prices go too high, it will slow down the world economy and would trigger a recession.
If 3 million bpd of oil supplies disappear in 2019, we cannot cover this volume, we have to use oil reserves.
This is not the first time Saudi Arabia suffered from a political crisis, “this incident will pass”.
Swapping crude and products with Rosneft is the natural area of cooperation.
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