Saudi Arabia says it can flood the oil market with over 1 million extra barrels right away

Saudi Arabia says it can flood the market with a lot more oil.Immediately.In an interview with Bloomberg, Deputy Crown PrinceMohammed bin Salman said The Kingdom could increase output to 11.5 million barrels a day right away, andup to 12.5 million within six to nine months "if we wanted to.""I dont suggest that we should produce more, but we can produce more, he said.We can produce 20 million barrels of oil per day if we invested in production capacity, but we cant produce beyond 20 million," he added.Data compiled by Bloomberg indicatesthe Saudis producedabout 10.2 million barrels a dayin March.These comments come ahead of Sunday'smeeting among oil producers in Doha, Qatar to discuss a potential production freeze.Notably, most analysts aren't getting their hopes up ahead of the talks.The Saudis keep reiterating thatthey won't cut production unless others (read: Iran) do, toobut Iran's oil minister isn'teven going to the meeting."As it stands now, we believe that the most likely outcome is that producers fail to close the deal and announce a freeze on Sunday, but that they instead pledge to continue to conversation and even possibly put an additional OPEC/non-OPEC meeting on the calendar for later in the year," Helima Croft, the head of commodities research at RBC Capital Markets, wrote in a note to clients on Thursday."Saudi Arabia and Iran do not appear ready to give sufficient ground to get a comprehensive freeze agreement done by Sunday, given current information," she explained.Check out the full story at Bloomberg.SEE ALSO:Here's the biggest unknown for oil's most important meeting in decadesJoin the conversation about this storyNOW WATCH: 4.2 million Americans could be displaced by rising sea levels this century ' see if your county is at risk
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