Saudi Arabia on Monday said it will raise its oil exports to a record 10.6 million barrels per day starting from May, escalating a price war with Russia.
Oil prices are languishing at 17-year lows as the coronavirus pandemic threatens a global recession that will send demand plummeting.
Saudi Arabia, the world’s top oil exporter, which already announced a sharp production increase for April, said it will add additional supplies to the global market, deepening a glut. “The kingdom plans to raise its petroleum exports by 600,000 bpd from May, so total exports will increase to 10.6 million bpd,” said an official at the energy ministry, cited by the state-run SPA agency.
Saudi Arabia had been exporting around 7.0 million bpd under an output reduction agreement among a 24-member producers’ alliance known as OPEC+ which included Russia.
