Saudi Energy Minister Khalid al-Falih said Tuesday (October 23rd) the kingdom was ready to boost its crude production and spare capacity to help maintain a balance in the global oil market, AFP reported.
Speaking at an investment conference in Riyadh, Falih also said OPEC and non-OPEC producers are expected to sign in December an "open-ended" agreement to continue co-operation in the energy markets.
"I do not rule out that the kingdom's production which has been 9-10 (million barrels per day) over the last decade or so will be a million to two millions (barrels) higher," Falih said, without providing a time frame.
Saudi Arabia has already boosted its daily output to well over 10.5 million bpd to meet rising demand in the wake of several production disruptions in other countries.
The kingdom currently holds the biggest spare capacity of around two million barrels which can be utilised when required.
"Investing in the capacity and producing the capacity will continue to be done," Falih said despite complaining of the high cost of raising and sustaining such capacity.
The Saudi minister expected demand for oil, which currently stands at around 100 million bpd, to rise to 120 million bpd over the next three decades.
Falih said he believes the oil market is "in a good place today in terms of supply and demand balances and inventories" after lifting restrictions on output in June.