Critical oil decision from Saudi Arabia

In his speech at the “Jeddah Security and Development Summit”, which was also attended by US President Biden, Saudi Arabia’s Crown Prince Mohammed bin Salman stated that they would increase the oil production capacity of his country to 13 million barrels per day.

Saudi Arabia’s Crown Prince Mohammed bin Salman has reiterated that his country would increase its oil production capacity to 13 million barrels per day. The “Jeddah Security and Development Summit”, organized with the participation of US President Joe Biden and leaders from 9 Arab countries, began with the opening speech of the host, Crown Prince Bin Salman of Saudi Arabia.

In the speech Bin Salman noted that it was a stage the world was going through many challenges and added following; “We hope the summit will create a new age of cooperation to serve our common interests, with the aim of establishing security and development in the region and deepen the strategic partnership between our countries and the US.”

Noting that international efforts should be increased to combat global challenges, Bin Salman said that Saudi Arabia had decided to increase oil production to 13 million barrels per day, as previously announced, except that they will not have additional capacity.