Saudi Arabian minister: we don't target specific level of oil output

Saudi Arabian minister: we don't target specific level of oil output

Saudi Arabian Energy Minister Khalid al-Falih said the top crude exporter does not target a specific figure for its oil production and that its output is based on customers' needs.

"We in the kingdom of Saudi Arabia do not have a targeted number to reach. The kingdom's production meets the requirements of the customers, whether they are outside or inside the kingdom," Reuters cited Falih as saying.

"The kingdom's production policy will maintain a large degree of responsibility," he said.

Speaking during an official visit to China, Falih said that despite low crude prices, "demand for oil does not worry me", adding that demand for crude in China remains "very healthy".
Falih said that production level was not expected to be reached unless there were unexpected outages.

Saudi Arabia produced 10.67 million barrels per day (bpd) of crude, the most in its history, in July. Saudi Arabia has a production capacity of 12.5 million bpd, giving it the ability to boost output in case of any global shortage.

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