Prince Mohammed Bin Salman states “KSA could unleash a million barrels of oil per day”

Monday 18th Apr 2016

Deputy Crown Prince chairs meeting of Council of Economic Affairs and Development

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Ahead of the Doha oil meeting, Prince Mohammed bin Salman revealed the KSA had the capacity to unleash a million barrels of oil a day onto the market, repeating his “we won’t freeze if everyone else doesn’t” position.

The Deputy Crown Prince said his country could increase oil output to 11.5 million barrels a day right away, and then to 12.5 million in around six to nine months, if given cause.

The Prince made his comments during interview with Bloomberg, in the interview he added that, if the country invested in its production capacity, the daily production number could reach as much as 20 million barrels.

The interview took place last week ahead of Sunday’s meeting in Doha. Analysts and investors remained uncertain of the outcome, with oil prices sliding Friday, though U.S. crude CLK6, -3.22% gained 1.6% for the week.


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