Saudi Arabia, the world’s largest crude oil exporter, doesn’t have enough production capacity to boost oil production in a world still hungry for fossil fuels, implying that President Biden’s recent trip to the Kingdom was a waste of time.
Crown Prince Mohammed bin Salman (MbS) told the leaders of the US, the Gulf Cooperation Council (GCC) states, Jordan, Egypt, and Iraq at a meeting this weekend that additional capacity to increase production to 13 million barrels per day (bpd) by 2027 will be challenging.