Saudi Arabia ready to pump more oil to balance global market

Saudi Arabia's council of ministers on Tuesday affirmed the Kingdom’s readiness to use its spare production capacity to balance the global oil market, a statement published by state-owned Saudi Press Agency said.

“The Kingdom is prepared to utilize its spare production capacity when needed to deal with any future changes in the levels of supply and demand and that is in coordination with other producing countries,” the statement said following its session chaired by King Salman.

King Salman also briefed the cabinet on the telephone call received from US President Donald Trump during which the two leaders affirmed the need to exert efforts to maintain oil market stability and the growth of the world economy.

According to the statement, one of the primary objectives of the Kingdom’s petroleum policy is to achieve balance and stability in oil market, in coordination and consultation with other producing countries and major consuming countries.

Earlier this week, the White House said that King Salman had told Trump that the Kingdom maintains a spare capacity of 2 million barrels per day (bpd), which it can use if required to ensure market stability and balance.

Last month, OPEC and non-OPEC producers including Russia agreed to increase oil production by 1 million barrels per day from July.