Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud announced on Saturday that his country would increase its oil production to a maximum of 13 million barrels per day, the Saudi Press Agency reported.
Saudi Arabia will not have the capacity to increase production even further, the crown prince said.
This announcement was made during a summit in Jeddah with the participation of US President Joe Biden and the leaders of the other member states of the Gulf Cooperation Council, as well as those of Egypt, Jordan and Iraq.
The Saudi crown prince said unrealistic energy policies would lead to higher inflation, calling for coordinated efforts to support the global economy at a time of considerable challenges.
He also called for international efforts to address the challenges arising from COVID-19 and geopolitical tension, in order to achieve global economic recovery, and food and health security.
Mr Biden attended the summit on the last day of his first Middle East tour since taking office in early 2021.