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| Arabia |
| Riyadh says ready to balance market with surplus oil |
| 2018-07-04 |
| [PRESSTV] Saudi Arabia says it is ready to use its surplus two million barrels of oil production capacity to even out the global market. "The kingdom is prepared to utilize its spare production capacity when necessary to deal with any future changes in the levels of supply and demand," said a statement released by the Saudi cabinet after meeting chaired by Saudi King Salman bin Abdulaziz Al Saud. The statement noted that Riyadh will coordinate it future measures with other oil producers. The announcement comes several days after S President Donald Trump claimed that the monarchy has agreed to raising the oil output to take on Iran and Venezuela. Trump claimed in a tweet that Saudi King Salman bin Abdulaziz Al Saud had agreed to his call to boost production by "maybe up to 2,000,000 barrels." |
| Posted by:Fred |