Saudi Energy Minister Prince Abdulaziz bin Salman said it would take the kingdom 7 years to increase its production capacity by one million bpd.
Prince Abdulaziz bin Salman indicated that the Kingdom has made the decision to increase its production capacity in 2020 at a difficult time, stressing that the OPEC+ alliance will honor the agreement reached at the end of 2022 until the end of this year. year.
He added: “The agreement we made in October will last until the end of the year… the first point of the line,” adding: “We need to make sure that the positive signs that the market is seeing are sustainable. “
And last October, OPEC+ and its partners took the unusual step of setting fixed production targets for the next full year as key officials made it clear they intended to keep quotas unchanged throughout 2023.
Source: Al-Bilad newspaper, Saudi Arabia.