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CNBC is reporting that The Saudis will increase oil production capacity gradually over the next year according to a senior advisor to the Minister of Petroleum at the Jeddah Energy Meeting in Saudi Arabia, Ibrahim Al-Muhanna.
The network also notes that The nation’s current total capacity of 11.3 million barrels per day is expected to increase to 12.5 million barrels per day, Al-Muhanna said. That is much more than the Saudi’s previously believed capacity of 10.8 million barrels per day.
Douglas A. McIntrye
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