Al-Marsad Newspaper: Energy Minister Prince Abdulaziz bin Salman made it clear what would happen if Saudi Arabia used its full capacity to produce oil.
He said during the Future Investment Initiative today, Tuesday, that demand was steadily increasing in 2018, and so we continued to increase production in Saudi Arabia, and it was a hard lesson we learned.
He continued: “We continued production … Those in the energy community who were following that year know that the more Saudi Arabia increases its production, the higher the oil prices.”
He added: The reason is that everyone in this world used to say that we are losing excess production capacity .. I repeat and ask the experts. The loss of production capacity comes at a much higher price than people imagine. It is not a question of numbers, but rather a psychological problem, and the market will become subject to standards for different measures as we get rid of the surplus of production capacity.
He concluded by saying: does he like to try? Can’t try it because we tried it 3 times.
