Saudi Arabia, holder of the world’s largest crude oil reserves, has no plans to raise production capacity beyond 12.5 million barrels a day, a Saudi Arabian oil official said.
Reports that the country may boost its output capacity to 15 million barrels a day aren’t true, the official said by telephone today, declining to be identified by name because he isn’t authorized to speak publicly.
Petroleum Intelligence Weekly, a trade publication, reported on April 22 that the kingdom is considering raising capacity to 15 million barrels a day, without citing anyone. Saudi Arabia’s OPEC Governor Majid al-Moneef said in a report on April 18 that the country will keep capacity at 12.5 million barrels a day for the next two decades.
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