Saudi will only freeze output if others do - Bloomberg | Reuters

DUBAI 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)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Apr 16, 2016 18:15 PM

Also Watch

It's A Wrap: Omerta star Rajkummar Rao in conversation with Parul Sharma
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Thursday, April 19, 2018 Watch: National-level skater and coach Dhwanit Rele trains and nurtures budding athletes
  • Monday, May 14, 2018 FOMO Episode 1: Google Assistant, This is America, Sonam's wedding & Global Warming
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls