Saudi Minister of Investment on Saudi spare oil capacity

The transcript discusses the challenges faced by the Kingdom in maintaining production levels due to global crises like COVID-19 and sanctions. It highlights the Kingdom's use of spare capacity to stabilize the market and the subsequent reduction in spare capacity. The Crown Prince's directive to increase Saudi Arabia's sustainable production capacity to 13 million barrels is emphasized, showcasing the Kingdom's commitment to fulfilling its energy promises.

What factors contributed to the decline in global production, prompting Saudi Arabia to use its spare capacity?

• Technological advancements

• Increased demand

• COVID-19 and sanctions

• Natural disasters

How did Saudi Arabia's spare capacity change after responding to market needs?

• It remained the same

• It increased significantly

• It was unaffected

• It decreased

What directive did the Crown Prince announce regarding Saudi Arabia's oil production?

• To decrease production

• To maintain current levels

• To increase sustainable capacity to 13 million barrels

• To halt production temporarily

What assurance does the Kingdom provide regarding its production capacity?

• It will meet the 13 million barrels target when needed

• It will maintain current levels

• It will stop production

• It will decrease production

What is the significance of the Kingdom's commitment to increasing production capacity?

• It shows a lack of planning

• It demonstrates leadership and market responsibility

• It indicates a decrease in oil reserves

• It suggests a shift to renewable energy