Saudi Arabia: There is no shortage in the global oil market
According to IRNA, Reuters news agency quoted Ben Farhan and wrote today (Tuesday): Russia is a complementary part of the Organization of Petroleum Exporting Countries “OPEC Plus”.
He added: Without the cooperation of everyone in OPEC, it is impossible to guarantee the approach of exporting oil sufficiently.
At the same time, the Saudi foreign minister noted: Saudi Arabia does not see a shortage in the global oil market, but there is a shortage in oil refining capacity.
The White House recently announced that major oil producing countries, members of the “OPEC Plus” alliance, are expected to increase their crude oil production following US President Joe Biden’s visit to the Middle East.
Reuters quoted White House spokesperson Karin Jean-Pierre as saying: “We will assess the success of the president’s Middle East trip in the next two weeks.”
Predicting that the oil production ceiling will increase, Karin added: This is the responsibility of OPEC.
Reuters pointed out that the increase in oil production was one of the most prominent points of US President Joe Biden’s visit to Saudi Arabia over the past two days, Friday and Saturday.
He asked Saudi Arabia to increase its oil production limit, but Riyadh replied that OPEC and OPEC+ have always had enough experience to examine such issues, and Saudi Arabia is familiar with the needs of the market at the right time and to create a balance between interests. Producers and consumers make moderate and moderate decisions.
In a conversation with his American counterpart Joe Biden on July 7, French President Emmanuel Macron stated that UAE President Mohammed bin Zayed Al Nahyan informed him that his country and Saudi Arabia do not have the capacity to increase oil production.
Western countries are looking for ways to reduce oil imports from Russia following the Ukraine crisis.
Saudi Arabia currently produces 10.5 million barrels of crude oil per day, but the country’s production capacity is 12 to 12.5 million barrels per day.
On July 25, after Biden’s visit to the region, Saudi Arabia’s foreign minister said: “There was no mention of oil production at the Jeddah meeting, and the OPEC organization exists and is responsible for following up on the needs of the oil market.” 13 million barrels of oil per day is the maximum Saudi oil production capacity that it can achieve.
UAE also produces about 3 million barrels per day and its current capacity is about 3.4 million barrels of crude oil per day, but this country is looking to increase this capacity and produce 4 million barrels of crude oil per day.
Previously, the US Secretary of Energy announced that Washington has asked all oil and gas producers, including the largest OPEC oil exporters, to increase their oil production to counter the rising gasoline prices.
While dealing with various crises, including energy, Biden has asked them to increase the production of gasoline, diesel and other refined products in a letter to the country’s major oil companies in order to deal with the rising fuel prices.