Saudi facing OPEC, capacity limits to increase oil production: Pundit
Riyadh would not be able to increase its oil production in the short term by two million barrels per day as Saudi Arabia is facing oil production limitations and the regulations of the Organization of the Petroleum Exporting Countries (OPEC), says a commentator.
The claim that Saudi Arabia is ready to increase its surplus two million barrels of oil production capacity per day to compensate a potential oil sanction on Iran “has never been exercised” and “tested,” because “it is not something that they could immediately bring on line,” Iman Nasseri, senior consultant with the FGE global oil and gas consultancy, told Press TV on Wednesday.
“The OPEC agreement ties Saudis’ hands in putting as much as they claim into the markets.”
US President Donald Trump has claimed in a Twitter posting that Saudi King Salman bin Abdulaziz Al Saud has agreed to his call to boost production by "maybe up to 2,000,000 barrels."
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