Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Thursday increasing the production of oil gradually was the right thing to do, after OPEC+ decided on a slight raise of oil production, despite US calls for faster output increases.
“With regards to the US, we have been having discussions at all levels. We still believe that what we are doing is the right job,” the Prince said during a teleconference at the end of the meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.
OPEC+ decided at the end of its ministerial meeting to raise overall production by 400,000 million barrels per day (mb/d) from December.
The US has been asking for speedier oil production to sustain economic recovery post COVID-19. President Joe Biden had urged on Saturday G20 energy producing countries to boost production.
Prince Abdulaziz said: “By December we will start building stocks… In the first quarter, there will be a tremendous amount of additional build up… because we will be incrementally increasing production.”
Saudi Arabia’s oil production will surpass 10 million barrels per day starting in December, for the first time since the COVID-19 pandemic struck, according to Al Arabiya sources.