JEDDAH, Saudi Arabia

Saudi Crown Prince Mohamed bin Salman said Saturday the kingdom will seek to increase its oil production to 13 million barrels per day.

Addressing an Arab-American summit in the Saudi city of Jeddah, bin Salman said the kingdom currently produces around 11 million barrels a day.

"We have an immediate capacity to increase production to 12 million barrels a day and with investments, production can go to 13 million barrels per day after which the kingdom will not have any additional capacity to increase production," he added.

The crown prince called for unified efforts to support the global economy.

"Adopting unrealistic policies to reduce emissions by excluding main sources of energy will lead in coming years to unprecedented inflation and an increase in energy prices and rising unemployment and a worsening of serious social and security problems," he warned.

Global oil prices have witnessed a state of instability amid Western efforts to disengage from Russian energy sources following Moscow’s war in Ukraine.

Saturday’s summit was attended by US President Joe Biden along with the leaders of the Gulf Cooperation Council countries, Egypt, Iraq, and Jordan.

Biden is scheduled to conclude a 4-day trip to the Middle East region later Saturday that included Saudi Arabia, Israel, and the West Bank. The tour was seen as a US attempt to assert leadership in the Middle East against Russia and China.

*Writing by Ahmed Asmar