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Saudi says ready to pump more oil to balance market

Saudi says ready to pump more oil to balance market

Riyadh :Saudi Arabia, the world’s top crude exporter, said on Tuesday it was prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market.

“The kingdom is prepared to utilise its spare production capacity when necessary to deal with any future changes in the levels of supply and demand,” a cabinet statement said following a meeting chaired by King Salman.