Saudi Arabia could raise crude output by more than a million barrels a day: Deputy Crown Prince

Saudi Arabia could raise crude output by more than a million barrels a day immediately if there was demand for it, said the kingdom’s Deputy Crown Prince, as he reiterated the nation would only agree to freeze production if all major producers including Iran do the same.

The world’s largest oil exporter could increase output to 11.5 million barrels a day immediately and go to 12.5 million in six to nine months “if we wanted to,” Prince Mohammed bin Salman, who is also chairman of the Supreme Council of Saudi Arabian Oil Co, said in an interview on Thursday. The country pumped 10.2 million barrels a day last month. If the kingdom chose to increase investment in its oil industry, total production capacity could be increased to 20 million barrels a day, the prince said.

“I don’t suggest that we should produce more, but we can produce more,” said the prince. “We can produce 20 million barrels of oil per day if we invested in production capacity, but we can’t produce beyond 20 million.

He reiterated that Saudi’s commitment to a production cap would depend on the participation of other nations including Iran.