ALGIERS (Pakistan Point News / Sputnik - 23rd September, 2018) The Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers present at the meeting of the Joint Ministerial Monitoring Committee (JMMC) said they were ready to boost oil production to compensate for any possible shortfall, Saudi Energy Minister Khalid Falih said on Sunday.
"The Kingdom [of Saudi Arabia] alone has a remaining 1.5 million barrels per day of spare capacity that is available. Other ministers present today have also showed us they have spare capacities that they will be ready to deploy if there is demand and it is required by any shortfalls for a number of factors, either geopolitical, technical disruptions, weather-related and of course due to any conflicts," Falih said at the press conference after the JMMC meeting in Algiers.
