Riyadh ready to use spare production capacity to balance global oil market

Saudi Arabia is the only country that can add substantial oil supply to the market. – AFP pic, July 3, 2018.

SAUDI Arabia, the world’s top crude exporter, today said it is prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market.

“The kingdom is prepared to utilise its spare production capacity when necessary to deal with any future changes in the levels of supply and demand,” a cabinet statement said, following a meeting chaired by King Salman.

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