Crown Prince: The Kingdom plans to increase oil production capacity to 13 million bpd..No ability to increase production further

The Jeddah Security and Development Summit hosted by Saudi Arabia kicked off on Saturday with the participation of six GCC countries plus Egypt, Jordan and Iraq.

During his opening remarks, Crown Prince Mohammed Bin Salman said that unified efforts were required to support the global economy and that unrealistic policies regarding energy sources would only lead to inflation.

He said: “The Kingdom has plans to increase its oil production capacity to 13 million bpd and after that it will not have the ability to increase production further.”

The prince said Saudi Arabia had announced raising its production capacity to 13 million barrels per day by 2027 from a nameplate capacity of 12 million now.

“Adopting unrealistic policies to reduce emissions by excluding main sources of energy will lead in coming years to unprecedented inflation and an increase in energy prices, and rising unemployment and a worsening of serious social and security problems,” The Crown Prince added.