Zero Hedge: Is Saudi Oil Production At Capacity?
Use it or lose it – this principle might apply to Saudi Arabia’s oil production capacity that is now eyed by the Western world to fill the Russia-sized gap in supply left behind by embargoes.
However, as Statista's Katharina Buchholz details below, Saudi Arabia in the past three years only approached its declared maximum production capacity of 12 million barrels per day in one month, casting doubts on the kingdom’s ability to quickly up its production to stabilize world markets. According to Bloomberg, such predictions have come from UAE leadership, who together with the Saudis are the only OPEC members who have spare production capacity – at least on paper.
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WNU Editor: Even if they could .... why whould Saudi Arabia increase oil production? The Kingdom is currently enjoying record earnings from their oil exports. They have no reason to change the status quo.
Update: Another reason on why Saudi Arabia will not increase oil production .... Joe Biden's Oil Gamble Set to Backfire as Saudi Arabia Sticks With Russia (Newsweek).
More News On Saudi Arabia's Capacity To Pump More Oil
Biden's Quest for Saudi Oil Faces Reality-Check of Slim Capacity -- Bloomberg
Skeptics say Biden’s Saudi visit unlikely to significantly bring down oil prices -- Market Watch
Will Saudi Arabia Pump More Oil For Biden? -- OilPrice.com
Biden will push for greater oil output on Mideast trip -Sullivan -- Reuters
Biden Visits Saudi Arabia This Week. What to Expect From Oil Negotiations. -- Barrons
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