Oil Production Move by Saudi Arabia

Saudi Arabia's Crown Prince Mohammed bin Salman made a critical oil statement. Prince Mohammed bin Salman made statements that they will increase the country's oil production capacity to 13 million barrels per day.

With the participation of leaders from 9 Arab countries, the "Jeddah Summit on Security and Development" was attended by the President of the United States of America Joe Biden. The ceremony hosted by Saudi Crown Prince Bin Salman started with the prince's opening speech. "We hope that the summit will usher in a new era of cooperation to deepen the strategic partnership between our countries and the United States to serve our common interests and build security and development in the region," Bin Salman said. Stating that international efforts should be increased to address the global inflation crisis, Bin Salman noted that Saudi Arabia has decided to increase oil production to 13 million barrels per day, as previously announced, and that there will be no additional capacity beyond this. Speaking about relations with Iran, Bin Salman said, "We invite Iran, as a neighboring country, to be part of this vision with the countries of the region, adhering to the principles of international legitimacy, non-interference in the internal affairs of other countries and cooperation with the International Atomic Energy Agency."

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