News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
31
o
Mount Lebanon
33
o
Metn
31
o
Keserwan
31
o
North
31
o
South
31
o
Bekaa
26
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Wajeet Rass
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
31
o
Mount Lebanon
33
o
Metn
31
o
Keserwan
31
o
North
31
o
South
31
o
Bekaa
26
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Saudi Arabia doesn't target specific level of oil output - Falih
Breaking Headlines
2016-08-31 | 11:45
High views
Share
Share
4
min
Saudi Arabia doesn't target specific level of oil output - Falih
Saudi Arabia does not target a specific level of oil production and its output is based on customers' needs, the energy minister of the world's largest oil exporter said.
Speaking during an official visit to China, Khalid al-Falih told al-Arabiya TV channel that despite low crude prices he was optimistic for global demand, that demand for crude in China remains "very healthy" and India's demand was "very good" too.
"We in the kingdom of Saudi Arabia do not have a targeted number to reach. The kingdom's production meets the requirements of the customers, whether they are outside internationally or inside the kingdom," Falih said in remarks broadcast on Wednesday.
"The kingdom's production policy will maintain a large degree of responsibility," he said, signalling the kingdom would not flood an oversupplied market if there was no demand for it, a position Saudi Arabia has always said it holds to.
OPEC is due to meet informally in Algeria in September and is expected to seek to revive a global output freeze deal.
Saudi Arabia increased production in June and July to record levels to meet a seasonal rise in domestic demand and higher export requirements. Industry sources have told Reuters Riyadh could boost production to a record in August.
In July it pumped 10.67 million barrels per day, the most in its history. Falih last week told Reuters production in August had remained around that level.
Saudi Arabia has a production capacity of 12.5 million bpd, leaving it able to boost output further to meet any global shortage. Falih said that production level was not expected to be reached unless there were unexpected outages.
"The market now is saturated with oversupply and we don't see in the short term a need for the kingdom to reach its maximum production capacity," he told al-Arabiya.
BOLSTERING RELATIONS
Falih is on a visit headed by Deputy Crown Prince Mohammed bin Salman, aimed at bolstering relations with China, a top energy customer and trade partner. The delegation heads to Japan late on Wednesday.
Saudi Arabia has traditionally accounted for most of Asia's crude needs, but has come under pressure from rivals such as Russia in a number of markets including China.
Falih denied there was a price war between producers in China, adding that increasing Russian oil supplies to China "is something natural and we do not see it as a threatening move to Saudi Arabia."
Under sweeping economic reforms led by Prince Mohammed, Riyadh plans to sell a stake of less than 5 percent in national oil major Saudi Aramco.
Falih, Aramco's chairman, told al-Arabiya that China had shown interest in opening its stock markets for Aramco's flotation.
Aramco has been in talks with China's CNPC and Sinopec for investment opportunities in refining, marketing and petrochemicals.
Falih said he hoped to reach a deal with CNPC before the end of the year, expecting investments in China to exceed $20 billion, if the talks were finalized.
Aramco is talking to CNPC about two refineries in China, with one being built in Yunnan at a more advanced stage, he said.
Aramco is also in talks with Sinopec on a refinery in Qingdao. "We look forward to improve the economic feasibility of the project and finish the negotiations," he said, adding Aramco is expected to take a stake of between 40 and 45 percent in such projects.
REUTERS
Breaking Headlines
Saudi Arabia
Oil
Next
Grand Mufti Derian travels to Saudi Arabia for Hajj
Recommended For You
d-none hideMe
0
Middle East News
02:10
Over 430 settlers storm Al-Aqsa Mosque on third day of Passover holiday: Al Jazeera reports
Middle East News
02:10
Over 430 settlers storm Al-Aqsa Mosque on third day of Passover holiday: Al Jazeera reports
0
Lebanon News
2024-04-23
Hezbollah announces launching 'dozens of rockets' at Israel in response to civilian deaths
Lebanon News
2024-04-23
Hezbollah announces launching 'dozens of rockets' at Israel in response to civilian deaths
0
Lebanon News
2024-04-21
Breaking: Israeli airstrike hits Naqoura, reports NNA
Lebanon News
2024-04-21
Breaking: Israeli airstrike hits Naqoura, reports NNA
0
Lebanon News
2024-04-21
Shelling from Lebanon hits Western Galilee: Israeli Channel 12 reports
Lebanon News
2024-04-21
Shelling from Lebanon hits Western Galilee: Israeli Channel 12 reports
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Lebanon News
2024-04-09
Bassil cautions against war plot amid Pascal Sleiman's killing, warns against exploiting differences between FPM, Hezbollah
Lebanon News
2024-04-09
Bassil cautions against war plot amid Pascal Sleiman's killing, warns against exploiting differences between FPM, Hezbollah
0
World News
01:30
Antony Blinken urges fair treatment of American companies during China visit
World News
01:30
Antony Blinken urges fair treatment of American companies during China visit
0
Middle East News
2023-10-21
Al Arabiya: Turkey's Erdogan discussed Gaza with Hamas leader: Turkish presidency
Middle East News
2023-10-21
Al Arabiya: Turkey's Erdogan discussed Gaza with Hamas leader: Turkish presidency
0
News Bulletin Reports
12:25
Rafah invasion and prisoner deal: Israeli Cabinet faces ICJ threats over war crimes
News Bulletin Reports
12:25
Rafah invasion and prisoner deal: Israeli Cabinet faces ICJ threats over war crimes
Videos
d-none hideMe
0
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
0
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
0
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
0
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
0
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
0
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
0
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
02:55
Ethiopian Airlines plane lands in Beirut with 'Tel Aviv' marking: Civil Aviation Directorate
Lebanon News
02:55
Ethiopian Airlines plane lands in Beirut with 'Tel Aviv' marking: Civil Aviation Directorate
2
Lebanon News
05:17
Breaking: Lebanese Parliament approves one-year postponement for municipal and mukhtars elections
Lebanon News
05:17
Breaking: Lebanese Parliament approves one-year postponement for municipal and mukhtars elections
3
Lebanon News
03:12
Israeli drone strikes Douris plain in Baalbek: Driver injured
Lebanon News
03:12
Israeli drone strikes Douris plain in Baalbek: Driver injured
4
Lebanon News
02:34
Israeli strike hits Iaat plain in Baalbek: Thursday update
Lebanon News
02:34
Israeli strike hits Iaat plain in Baalbek: Thursday update
5
Israel-Gaza War Updates
00:30
Israeli army awaits 'green light' from Netanyahu to invade Rafah
Israel-Gaza War Updates
00:30
Israeli army awaits 'green light' from Netanyahu to invade Rafah
6
Lebanon News
07:00
Hezbollah refutes Israel's claim of killing half of its leaders in southern Lebanon
Lebanon News
07:00
Hezbollah refutes Israel's claim of killing half of its leaders in southern Lebanon
7
Middle East News
02:10
Over 430 settlers storm Al-Aqsa Mosque on third day of Passover holiday: Al Jazeera reports
Middle East News
02:10
Over 430 settlers storm Al-Aqsa Mosque on third day of Passover holiday: Al Jazeera reports
8
Lebanon News
11:01
Mikati discusses preparations for French Foreign Minister's visit with Magro, reviews monetary situation with Mansouri
Lebanon News
11:01
Mikati discusses preparations for French Foreign Minister's visit with Magro, reviews monetary situation with Mansouri
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More