The CEO of Saudi Aramco, Amin H. Nasser, revealed today that his firm has spare capacity to the tune of two million extra barrels of oil per day.
Mr Nasser said that with the additional capacity his company are able to meet extra oil demand in the instance of production interruption.
Saudi Aramco currently produce 10 million barrels per day but (mbpd), according to Mr Nasser, have a true total capacity of 12 million.
After the OPEC meeting on Friday, Saudi Arabian authorities said the move would translate into a nominal output rise of around 1 million barrels per day (bpd), or 1 percent of global supply.
Iraq said the real increase would be around 770,000 bpd because several countries that had suffered production declines would struggle to reach full quotas.
By avoiding setting individual country targets, the deal appears to give Saudi Arabia the leeway to produce more than its official OPEC target and fill the gap left by those like Venezuela who cannot pump enough to meet their official allocation.