Saudi will only freeze output if others do: Bloomberg
Tweet
Share
E-mail
Fuel price and last sale of fuel is seen on a fuel pump during early hours in desert near the village of Salwa, Qatar-Saudi border, south of Eastern province of Khobar, Saudi Arabia January 29, 2016. REUTERS/Hamad I Mohammed
DUBAI (Reuters) - Saudi Arabia will only freeze the level of its oil production if all other major producers, including Iran, do so, Bloomberg reported on Saturday, citing Saudi deputy crown prince Mohammed bin Salman.
He told Bloomberg the world's largest crude exporter would cap its market share at about 10.3 million to 10.4 million barrels a day, if producers agree to a freeze.
“If all major producers don’t freeze production, we will not freeze production,” he said.
He noted the kingdom had the capacity to increase output to 11.5 million barrels a day immediately and to produce as much as 12.5 million in a matter of months.
“I don’t suggest that we should produce more, but we can produce more,” said the prince, who is second in line to the Saudi throne.
OPEC and non-OPEC oil producers are set to meet on Sunday in Doha, Qatar, to discuss freezing output levels.
Producers are struggling with low oil prices and an oversupplied market.
(Reporting by Katie Paul; editing by Jason Neely)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Energy stocks rise premarket as oil prices climb on Middle East supply fears
- Asian stocks wilt as Brent holds above $100, yields near 2023 peak
- Brent holds above $100 as tanker attacks deepen supply fear
Create E-mail Alert Related Categories
ReutersRelated Entities
Crude Oil, OPECSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
