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Saudi cabinet says kingdom ready to use spare oil capacity as needed

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Saudi cabinet says kingdom ready to use spare oil capacity as needed

Jul 3, 2018 10:05 AM

Saudi Arabia's cabinet on Tuesday affirmed the kingdom's readiness to deploy its spare oil production capacity to maintain market balance and stability, a statement carried by state news agency SPA said.

The kingdom would use its spare capacity to address any future variations in supply and demand in coordination with other oil-producing countries, it said, after calls by US President Donald Trump for Saudi Arabia to raise production.

First Published:Jul 3, 2018 7:05 PM IST

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