July 3, 2018 / 12:30 PM / a month ago

Saudi cabinet says kingdom ready to use spare oil capacity as needed: SPA

DUBAI (Reuters) - Saudi Arabia’s cabinet on Tuesday affirmed the kingdom’s readiness to deploy its spare oil production capacity to maintain market balance and stability, a statement carried by state news agency SPA said.

The kingdom would use its spare capacity to address any future variations in supply and demand in coordination with other oil-producing countries, it said, after calls by U.S. President Donald Trump for Saudi Arabia to raise production.

Reporting by Maha El Dahan, Writing by Katie Paul; Editing by Dale Hudson

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