Saudi Aramco CEO says has 2 million barrels per day of spare capacity

Oil giant Saudi Aramco said on Monday it has a spare capacity of 2 million barrels per day and can meet additional oil demand in case of any interruption in supplies.

Aramco is currently producing 10 million barrels per day (mbpd) and has the ability to produce 12 mbpd, Amin Nasser, chief executive of Saudi Aramco, said in New Delhi.

OPEC, led by its biggest producer Saudi Arabia, agreed on Friday on a modest increase in oil production from July, following calls from major consumers to curb rising fuel costs.