Saudi Arabia to hike oil output above 10 million bpd in April after OPEC deal collapse
DUBAI : Saudi Arabia, the world’s top oil exporter, plans to raise its crude oil production significantly above 10 million barrels per day (bpd) in April, after the collapse of OPEC’s supply cut agreement with Russia, two sources told Reuters on Sunday.
State oil giant Aramco will boost its crude output after the current deal to curb production between OPEC and Russia – together known as OPEC – expires at the end of March, the sources with knowledge of the matter said.
The collapse of talks to extend the deal on Friday sent oil prices plunging on speculation Saudi Arabia is scrapping a strategy of supporting prices in favour of a grab for market share, reminiscent of a drive in 2014 that caused crude prices to slump around two thirds in value.
