Saudi Arabia Oil Minister , Al Naimi , announced his country is ready to increase oil production to maximum capacity amounting to 12.5 million barrels a day if necessary because of requests received from their clients for supplying more oil to the market in order to control the price .
Al-Naimi said at a news conference in the Qatari capital , Doha , that he wants to reassure everyone there is no shortage in supply in the market and Saudi is ready to pump more oil up to the current capacity and distribute between buyers .
The oil is now trading above $123 a barrel . This growth is due to the recent western sanctions on Iran which results in slowing down the Iran’s oil exporting rate .
Naimi said his country is now pumping around 9.9 million barrels per day which is the highest number in the recent decade . He said the surplus production capacity of Saudi now stands at 2.5 million barrels a day .
