NEW YORK (TheStreet) -- The head of Saudi Arabia's state-owned oil company said the kingdom is unlikely to go ahead with plans to increase oil capacity, according to a published media report.

Khalid Al Falih, the CEO of Saudi Arabian Oil Co., or Saudi Aramco, said in an interview Saturday that market demand will be met by expansion plans by other producers, The Wall Street Journal reported.

"There is no reason for Saudi Aramco to pursue 15 million barrels of output capacity," Falih was quoted saying. "You've got too many announcements about massive capacity expansions coming out of countries like Brazil, coming out of countries like Iraq. The market demand is addressed by others."

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Saudi Aramco, which is believed to be the world's largest privately held company, currently produces about 9 million barrels a day, although its output capacity is 12 million barrels a day, the Journal noted.

In 2008, when oil prices spiked to record levels, Saudi Arabia's oil minister said the country was considering plans to increase its daily production capacity to 15 million barrels, the newspaper also noted.

This article was written by a staff member of TheStreet.