Saudi Arabia Announces It Will Increase Oil Production Capacity An Additional One Million Barrels By 2027

U.S. President Biden visits Saudi Arabia. © Reuters/EVELYN HOCKSTEIN

The National: Saudi Arabia: no additional capacity to increase oil production beyond 13 million bpd

The kingdom said it is targeting production capacity of 13 million bpd by 2027

Saudi Arabia will not have any additional capacity to increase oil production beyond 13 million barrels per day, Crown Prince Mohammed bin Salman said during his address to the US-Arab summit in Jeddah.

“The kingdom has announced an increase in its production capacity level to 13 million barrels per day, after which the kingdom will not have any additional capacity to increase production,” he said.

The kingdom previously said it was aiming at production capacity of 13 million bpd by 2027.

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WNU Editor: Crown Prince Mohammed bin Salman was very careful on what he was promising. MBS was talking about "Production Capacity" NOT "production" when he mentioned that they will be increasing production capacity to 13 mb/d (from 12 mb/d) by 2027. In other-words. Do not expect any significant Saudi oil production in the near future.

Update: This sums up President Biden's trip .... Biden recommits to Middle East, but fails on oil, security (Reuters). Also this .... Biden says Saudis will help lower gas prices — after denying he’d beg for more oil (NYPost)

Saudi Arabia Announces It Will Increase Oil Production Capacity An Additional One Million Barrels By 2027

Saudi Arabia agrees to boost oil production after Joe Biden visits kingdom, report says -- Insider

Saudi Arabia agrees to increase oil production levels, will help 'stabilize markets,' White House says -- FOX News

Crown Prince MBS hints at increasing Saudi oil production — but not by much -- NYPost

After Biden Rehabs MbS' Image, Saudis Announce Increase In Oil Production Capacity -- Zero Hedge

Saudi crown prince says unrealistic energy policies will lead to higher inflation -- Reuters

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