Saudi Aramco says to hike output, escalating price war
Energy titan Saudi Aramco said Tuesday it will boost its supply of crude oil to 12.3 million barrels per day in April, flooding markets as it escalates a price war with Russia.
“Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day of crude oil in April,” the company said in a statement to the Saudi stock exchange. The world’s biggest crude exporter has been pumping some 9.8 million bpd which means it will be adding at least 2.5 million bpd from April.
“The Company has agreed with its customers to provide them with such volumes starting 1 April 2020. The Company expects that this will have a positive, long-term financial effect,” the statement said. Saudi Arabia says it has an output capacity of 12 million bpd but it is not known for how long it can sustain such levels.
