Saudi Arabia to increase oil production to 13 million barrels per day

(Patria) - Saudi Crown Prince Mohammed bin Salman confirmed that he will increase the country's oil production capacity to 13 million barrels per day.

The Summit on Security and Development in Jeddah, attended by US President Joe Biden and leaders from nine Arab countries, began with an opening speech by Saudi Prince Bin Salman.

In his address, he emphasized that the world is going through a period facing numerous challenges.

"We hope that the summit will build a new era of cooperation between our countries and the United States of America to deepen strategic partnership and serve our common interests and establish security and development in the region," said Bin Salman.

He stressed the need to intensify international efforts in combating global challenges.

He added that Saudi Arabia has decided to increase oil production to 13 million barrels per day, as previously announced, and will not have any additional capacity beyond that.

In his address, he also touched upon relations with Iran.

"As a neighboring country, we call on Iran to be part of this vision with the countries of the region, respecting the principles of international legitimacy, non-interference in the internal affairs of other countries, and cooperation with the International Atomic Energy Agency," he said.

Bin Salman did not reveal details of the plan to increase oil production to 13 million barrels per day, but Saudi Arabian Minister of Energy Abdulaziz bin Salman pointed to this goal by 2027 in a statement in May. The Saudi Minister of Energy said at the time that their goal is to increase oil production by more than one million barrels during this period, to a total of 13 million barrels.