Saudi Crown Prince Mohammad Bin Salman said on Saturday that Saudi Arabia gets to agree to boost oil production up to 13 million barrels per day. Currently, the oil production level is 12 million barrels per day.
Mohammad Bin Salman gave this statement at the Jeddah Security and Development Summit. This summit was hosted by Saudi Arabia and was attended by US President Joe Biden with the GCC leaders including Iraq, Egypt, and Jordan.
Saudi state oil company Aramco is serious about the heavy global demands of oil ahead.
Aramco the world’s largest oil firm and biggest oil exporter has decided to work fast to reach the production capacity of 13 million barrels per day.
He also revealed his expectations that this summit will establish a new era of cooperation that will enhance the strategic partnership between the US and Arab countries. He further said this summit will serve our mutual interests that will build security and development in the region.
After Saudi Arabia gets agree to boost oil production but Salman also stressed that there will be no additional oil production beyond 13 million barrels per day.
It seems that Saudi Arabia was already planning to increase its oil production as its Energy Minister AbdulAziz Bin Salman said in May that the production target of 13 million barrels per day is set for 2027.
It was also discussed during the summit to stop Iran’s interference in the region.
US President Joe Biden reached Saudi Arabia on Friday directly from Israel. Biden is on his first visit to the Kingdom since taking office last year.