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Saudi Arabia will Maintain Responsible Oil Production Policy

Source: Reuters 8/31/2016, Location: Middle East

Saudi Arabian energy minister Khalid al-Falih said the top crude exporter does not target a specific figure for its oil production which is set based on its customer's needs.

"The kingdom's production meets the requirements of the customers... the kingdom's production policy will maintain a large degree of responsibility," Falih told the Saudi-owned al-Arabiya television in remarks broadcast.

Speaking during an official visit to China, he said that despite low crude prices "demand for oil does not worry me," adding the demand for crude in China remains "very healthy."

Saudi Arabia pumped 10.67 million barrels per day in July, a record high, and has a production capacity of 12.5 million bpd which gives it the might to boost output in case of any global outages.

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