Saudi Arabia will not increase its oil production ahead of the OPEC summit scheduled for the end of the month. Al-Falih, the Saudi oil Minister, highlighted that the market currently does not need extra crude oil production and the reserves - at a global scale - are at their highest level. Saudi Arabia, able to produce 12.5 mbl/day, has no intention of exploiting its full capacity but will continue to keep its current high production levels especially to maintain its market share. In July alone, the country extracted 10.43 mlb/day, a figure close to its peak recorded during he same month a year earlier.
Moreover, the national oil company, Saudi Aramco is working on deals with China for new exports to Beijing, the world’s top energy consumer.