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Saudi Cabinet Says Kingdom Ready to Use Spare Oil Capacity as Needed

Source: Reuters 7/3/2018, Location: Middle East

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Saudi Arabia’s cabinet 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.

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