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Abu Dhabi, UAEMonday 16 July 2018

Saudi Arabia ready to pump more oil to balance market

Today Adnoc confirms it is on track to raise production capacity

Amin Nasser, chief executive officer of Saudi Arabian Oil Co. Stefan Wermuth / Bloomberg
Amin Nasser, chief executive officer of Saudi Arabian Oil Co. Stefan Wermuth / Bloomberg

Saudi Arabia said on Tuesday it is prepared to pump more oil into the market to balance prices.

The country's cabinet affirmed the kingdom's readiness to use its spare crude production capacity to maintain market stability.

"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.

Last month the Opec+ group confirmed it will increase production by 1 million barrels per day. Saudi Arabia and Russia are expected to bear the greatest burden of this.

Also on Tuesday, Adnoc confirmed it is "on track" to raise production capacity to 3.5m bpd from 3.3m bpd by the end of this year.

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