Saudi says ready to pump more oil to balance market

Saudi Arabia, the world’s top crude exporter, said on Tuesday it was prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market. “The kingdom is prepared to utilise its spare production capacity when necessary to deal with any future changes,” a cabinet statement said following a meeting chaired by King Salman.The statement said the kingdom will coordinate with other producers. Saudi, which has been pumping around 10 million barrels per day, holds the largest spare capacity in the world and is the only country that can add substantial supply to the market.