NEW DELHI: Saudi Arabia said on Monday that it expects its oil production to rise next month from the current 10.7 million barrels per day (mbpd) and it has the required capacity in place to do so. Saudi Petroleum Minister Khalid Al Falih’s remarks to reporters here on the sidelines of the India Energy Forum organised by CERAWeek came in the backdrop volatile crude oil prices and with the US sanctions on Iran due to come into effect from November 4.
Earlier on Monday, Al Falih met Prime Minister Narendra Modi along with Petroleum Minister Dharmendra Pradhan. “Saudi Arabia has the capacity to produce 12 million bpd and is currently producing 10.7 million bpd and production will rise further next month,” Al Falih said. The Saudi Minister said he told Modi that as a strategic partner of India, the kingdom was committed to meeting India’s rising oil demand. “We are in close contact with all major consumers to seek their views and listen to their concerns and take those into consideration as we set the kingdom’s energy policy and discuss it with our partners in OPEC and outside of OPEC,” he said.