Saudi Arabia will seek to increase its oil production to 13 million barrels per day, Saudi Crown Prince Mohamed bin Salman said on Saturday.
The crown prince said the kingdom currently produces around 11 million barrels a day, in an address to an Arab-American summit in the Saudi city of Jeddah.
He added, “We have an immediate capacity to increase production to 12 million barrels a day and with investments, production can go to 13 million barrels per day after which the kingdom will not have any additional capacity to increase production.”
Unified efforts to support the global economy was called for by the crown prince.
He further warned that “Adopting unrealistic policies to reduce emissions by excluding main sources of energy will lead in coming years to unprecedented inflation and an increase in energy prices and rising unemployment and a worsening of serious social and security problems.”
Amid Western efforts to disengage from Russian energy sources following Moscow’s war in Ukraine, global oil prices have witnessed a state of instability.