Al-Falih: Saudi Arabia will maintain responsible oil production policy

Speaking during an official visit to China, Falih told Al Arabiya said that despite low crude prices ‘demand for oil does not worry me.’ (Al Arabiya)

Saudi Arabian energy minister Khalid al-Falih told Al Arabiya News Channel the top crude exporter does not target a specific figure for its oil production which is set based on its customer’s needs.

“The kingdom’s production meets the requirements of the customers... the kingdom’s production policy will maintain a large degree of responsibility,” Falih said.

Speaking during an official visit to China, he said that despite low crude prices “demand for oil does not worry me,” adding the demand for crude in China remains “very healthy.”

Falih also said that Saudi Arabia fully operates two new refineries in the kingdom. The first one is the Yanbu refinery which production capacity is 400,000 barrels a day and the second one is in Jubail and it has the same production capacity as the former.

Saudi Arabia pumped 10.67 million barrels per day in July, a record high, and has a production capacity of 12.5 million bpd which gives it the ability to boost output in case of any global outages.

SHOW MORE
Last Update: Wednesday, 20 May 2020 KSA 09:47 - GMT 06:47
Top